Marriage – Premarital Agreements – Oregon
Definitions for ORS 108.700 to 108.740:
(1) “Premarital agreement” means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.
(2) “Property” means an interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings. [1987 c.715 ? 1]108.700
Agreement to be in writing; consideration not required:
A premarital agreement must be in writing and signed by both parties. It is enforceable without consideration. [1987 c.715 ? 2]108.705
Subjects of agreement; child support not to be adversely affected:
(1) Parties to a premarital agreement may contract with respect to:
(a) The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
(b) The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of or otherwise manage and control property;
(c) The disposition of property upon separation, marital dissolution, death or the occurrence or nonoccurrence of any other event;
(d) The modification or elimination of spousal support;
(e) The making of a will, trust or other arrangement to carry out the provisions of the agreement;
(f) The ownership rights in and disposition of the death? benefit from a life insurance policy;
(g) The choice of law governing the construction of the? agreement; and
(h) Any other matter, including their personal rights and? obligations, not in violation of public policy or a statute? imposing a criminal penalty.
(2) The right of a child to support may not be adversely? affected by a premarital agreement.? [1987 c.715 ? 3]108.710
Agreement effective upon marriage:
A premarital agreement becomes effective upon marriage. [1987 c.715 ? 4]108.715
Modification of agreement; consideration not required:
After marriage, a premarital agreement may be amended or revoked only by a written agreement signed by the parties. The amended agreement or the revocation is enforceable without consideration. [1987 c.715 ? 5]108.720
Party may prove agreement unenforceable; when court may require support; determination of unconscionability:
(1) A premarital agreement is not enforceable if the party against whom enforcement is sought proves that:
(a) That party did not execute the agreement voluntarily; or
(b) The agreement was unconscionable when it was executed and, before execution of the agreement, that party:
(A) Was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
(B) Did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided; and
(C) Did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
(2) If a provision of a premarital agreement modifies or eliminates spousal support and that modification or elimination causes one party to the agreement to be eligible for support under a program of public assistance at the time of separation or marital dissolution, a court, notwithstanding the terms of the agreement, may require the other party to provide support to the extent necessary to avoid that eligibility.
(3) An issue of whether a premarital agreement is unconscionable shall be decided by the court as a matter of law. [1987 c.715 ? 6]108.725
Effect of void marriage:
If a marriage is determined to be void, an agreement that would otherwise have been a premarital agreement is enforceable only to the extent necessary to avoid an inequitable result. [1987 c.715 ? 7]108.730
Statute of limitations; defenses:
Any statute of limitations applicable to an action asserting a claim for relief under a premarital agreement is tolled during the marriage of the parties to the agreement. However, equitable defenses limiting the time for enforcement, including laches and estoppel, are available to either party. [1987 c.715 ? 8]108.735
Citation; construction; severability:
(1) ORS 108.700 to 108.740 may be cited as the Uniform Premarital Agreement Act.
(2) ORS 108.700 to 108.740 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this Act among states enacting it.
(3) If any provision of ORS 108.700 to 108.740 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of ORS 108.700 to 108.740 which can be given effect without the invalid provision or application, and to this end the provisions of ORS 108.700 to 108.740 are severable. [1987 c.715 ? 9]08.740
Advantages of premarital agreements for both parties:
Avoiding Litigation Costs
Protecting against Fears of Family Members
Protecting Family Assets
Protecting Business Assets
Protection Against Creditors
Child Custody and Support Guidlines
Predetermined Disposition of Property
Disclaimer:??? This law summary is not legal advice. If you are not an attorney, you should consult an attorney about serious legal matters.
Related Oregon Legal Forms
- Amendment to Prenuptial or Premarital Agreement
- Financial Statements only in Connection with Prenuptial Premarital Agreement
- Oregon Prenuptial Premarital Agreement – Uniform Premarital Agreement Act – with Financial Statements
- Oregon Prenuptial Premarital Agreement without Financial Statements
- Revocation of Premarital or Prenuptial Agreement