One of the most important issues Portland family law attorneys deal with is premarital agreements.
In part one of this two-part series, we defined premarital agreements and listed reasons why couples may want to have one.
In part two, we’re going to look at the issues that can be addressed by premarital agreements.
Before doing that, let us note that premarital agreements can be very complex or quite simple. They take effect the moment you tie the knot. They can be modified, and they can be revoked.
Premarital agreements detail the rights and obligations spouses have to one another if the marriage ends because of separation, divorce, or death.
Some of the issues premarital agreements can address are:
- Allocation of savings accounts
- Division of property
- Filing status for tax returns
- How to settle mediation or arbitration
- Inheritance rights
- Life insurance policies
- Management of bank accounts
- Management of finances
- Property interests of children from previous marriages
- Protection from the other’s debts
- Retirement and education funds
- Spousal support obligations
Those are things a premarital agreement can do. Here’s a list of things a premarital agreement can’t do:
- Define non-financial matters
- Determine child custody
- Determine child support
- Determine child visitation rights
- Encourage divorce
Portland family law attorneys are likely to tell you that discussing financial mattes with your spouse before marriage, and entering into a premarital agreement, can be beneficial to both parties and a strong foundation upon which to build a marriage.
Not every couple and situation calls for a premarital agreement. To learn if a premarital agreement is right for you, and your future spouse, contact Ronald Johnston here.
To read part one of this series, click here.