Marriage contracts are used to protect a couple`s financial and property rights if they ever divorce. This implies that at the simplest stage, a marriage contract is a contract between two adults who want to get married. It is a legally enforceable agreement and contract on how the parties will divide and divide their property, debts, personal property, real estate, bank accounts, retirement, gifts and estates – and whether one party will pay to the other party in the event of death or divorce. According to the Supreme Court`s June 2015 ruling in Obergefell v. Hodges and the legalization of same-sex marriage across the country, the IRS entered into same-sex marriages for federal tax purposes. According to a 2013 Forbes article, same-sex couples would have benefited from a marriage contract even before the pioneering Supreme Court decision. The benefits of a marriage contract also go beyond the realm of divorce. A marriage contract can protect a spouse`s wishes if the spouse dies without a validly executed will. For a marriage contract to be enforceable in court, it must meet five basic procedural conditions: if a spouse has children from another relationship, this agreement can guarantee that his or her separated pre-conjungal wealth will not be shared with his or her children until after the death of that spouse. The list of things you can agree on is quite broad. You can make agreements from everything related to asset division, assisting spouses, wills, trusts, life insurance, etc. Anything that was acquired by one of the two partners during marriage is generally considered common marital property belonging to each partner in the same way.
However, a marriage contract may be used to exclude certain assets from the consideration of matrimonial property or «collective property». Couples can use marriage contracts to work together to make concrete future financial plans and decide how to invest, save or spend their money. Marriage contracts not only require people to consider the financial impact of marriage, but also reduce conflict in the event of divorce. Anyone who has divorced will tell you that the less conflict there is when the marriage is dissolved, the less the financial burden is on both parties. When developing a prenup, there are two goals you should aim for: a fair trial and fair conditions. While courts may take different positions on what is right and what is not, the process of negotiating the prenup and the terms of the agreement are generally the same in all 50 states. Use a pre-marital agreement to protect both parties! – Organize your rights and duties! Also known as a marriage, marriage, or marriage contract, U.S. Legal Forms™, Inc., offers pre-marital (conjugal) contract forms and legal summaries that meet the requirements of the state of Oregon.
The form contains financial reports that both parties must complete. Free previews available….