Financial Statements only in Connection with Prenuptial Premarital Agreement
Sometimes there are areas of law about which Uniform Acts
are written and adopted by the various states. Premarital Agreements
is such as area of law. The NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM
STATE LAWS adopted the final version of the Uniform Premarital Agreement
Act in 1983. Since that date, the act, as modified by the various
states, has been adopted in the following states: Arizona, Arkansas, California,
Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Indiana,
Iowa, Kansas, Maine, Montana, Nebraska, Nevada, New Jersey, New Mexico,
North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Texas,
Utah and Virginia. At the heart of the act is the provision which
provides that such an agreement is generally valid if in writing and sets
forth the factors to consider if the agreement is challenged.
Oregon Statutes
Definitions for ORS 108.700 to 108.740:
As used in 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;
(e) The making of a will, trust or other arrangement to carry out
the provisions of the agreement;
(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:
(b) The agreement was unconscionable when it was executed and, before
execution of the agreement, that 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 Guidelines
Predetermined Disposition of Property
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Disclaimer: This law summary is not legal advice.
If you are not an attorney, you should consult an attorney about serious
legal matters.
