The Top 3 Reasons Why Oregonians Should Consider Premarital Agreements
Premarital agreements, also called prenuptial agreements (“prenups”), used to carry a certain stigma, seeming to indicate that those who signed one already had one foot out the door. However, as people are getting married a bit later in life than they once did, and they are bringing more assets to their union, the concept of drafting and signing a premarital agreement is becoming an increasingly appealing option. As wedding season is on the horizon, it is important to explore the concept of sitting down with your future spouse and protecting your futures, both as a couple and as individuals. Let’s explore the top three reasons you should consider signing a prenuptial agreement:
1. You Will Address Financial Concerns Up Front
One of the greatest stressors for couples is how to handle finances. In fact, a recent survey indicated that 70% of couples fight about money. Talking about this difficult topic before you wed allows you to communicate your concerns and philosophies about money, which may reduce the likelihood of conflict later on. As you draft the premarital agreement, you will have to disclose your financial information and open up about any debts, assets, or other financial topics. Doing so will give you and your partner an accurate picture of your financial future together.
2. You Will Control the Terms of Divorce
Although many couples do not want to think about the possibility of divorce before they have even gotten married, going through the process of creating a prenuptial agreement will encourage both parties to state their preferences clearly, should the union not work out. Instead of dividing up your assets and property according to Oregon state law, a premarital agreement gives you a say in how you and your spouse wish to separate.
For instance, if one of you knows you will be a stay-at-home parent and sacrifice an independent income, you can indicate what spousal support would look like in the case of a divorce. Similarly, if you and your partner own a business, your prenuptial agreement can address how that should be handled if you decide to separate. Being able to talk through all aspects of your future, including a future where you need to go your separate ways, will ensure both of your interests are protected.
3. Your Communication Skills Will Be Sharpened
Having to discuss difficult and sensitive topics with your future spouse will encourage you to communicate openly and honestly with one another. In most cases, each partner will need to have independent legal representation. This process, while potentially awkward, typically ends up bringing you and your fiancé closer together. Once you have taken the important step of protecting your independent futures, you can enter your marriage with the confidence and strength to handle any challenges the future may hold.
Quality Legal Guidance to Protect Your Future
If you are preparing for an upcoming wedding and you are interested in the possibility of signing a premarital agreement, it is a great idea to speak with an experienced premarital agreements attorney. Lee Tyler Family Law, P.C, a Portland-based attorney, will help you explore your future as a couple and as an individual and help you take the necessary steps to protect them. Contact Lee Tyler Family Law, P.C. today at (503) 233-8868.