- March 22, 2024
- Family Law
Marriage Is a Significant Life Event
If you are engaged and planning your wedding or civil union, you are about to embark upon a period of fun and excitement. You’re looking forward to a forever life with someone you love and respect, and the future is bright.
That said, at this point in time it is important to pay attention to more than just the celebration. Moving from being two individuals to one couple encompasses a host of changes, including merging households and finances, actions that deserve focus and discussion.
While nobody wants to think about their relationship ending before it has even begun, this situation is a reality for many couples in Colorado and across the country.
The divorce rate is staggeringly high; and when couples elect to separate, the process can be overwhelming and the outcome surprising.
Creating a prenuptial agreement, while not romantic, is often the greatest gift two people can give each other. It provides a blueprint to follow if, at some point, happily-ever-after becomes impossible; it allows each person to protect themselves and their future.
Understanding these documents is important; read along to learn everything you need to know about prenuptial agreements in Colorado.
Colorado Prenuptial Agreements
Recognizing What a Prenuptial Agreement Can Do
In the simplest of terms, a prenuptial agreement is a type of legal insurance plan protecting the futures of both individuals involved in a marriage. These legal documents detail what happens should a marriage end in divorce.
Each prenuptial agreement is unique and represents thoughtful decisions by two people. The process of creating one benefits strongly from quality legal guidance; it is not a fill-in-the-blank type of exercise. Among the things included in a prenuptial agreement are:
- The identification of marital and separate property, specifically allocating assets including cash, real property, investments, jewelry, cars, artwork, and even family businesses
- A guideline for the division of marital assets and debts
- Rights to benefits including life insurance
- A plan for the impact of any estate planning
- Decisions regarding how any possible inheritances would be managed
- A determination of spousal support (duration and amount), if any
- An agreement of where children would be raised
- The selection of which spouse would retain custody of any pets.
It is important to recognize how prenuptial agreements impact issues involving children. First, prenuptial agreements in Colorado cannot be used to determine anything relating to child custody or child support. Should a couple that has children separate, these decisions will be made upon that action and in the children’s best interests. All decisions will be based on the situation at the time of the separation.
Additionally, individuals entering a marriage with children from previous relationships can leverage this document to protect their inheritances.
Without a doubt, the financial structures of some marriages can be incredibly complex.
When engaging a prenuptial attorney in Colorado you want to work with a professional who has experience assisting individuals similar to you. High-net-worth situations require intense security and careful planning.
Colorado Prenuptial Agreement Parameters
Prenuptial agreements in Colorado are legal documents. As such, there are parameters with which they must comply. These include:
- All prenups must be in writing; oral agreements are not enforceable.
- The current prenup must not contradict or alter other agreements previously signed.
- All information provided (including assets and liabilities) must be honestly and fairly reported.
- Prenups do not need to be “equal” – each individual can make any concessions they wish.
- Both individuals must sign the final documents and share that they are doing so voluntarily.
All prenuptial agreements in Colorado must be created following the Uniform Premarital and Marital Agreements Act and do not take effect until after the couple is married. If you decide to separate before your wedding, they are not enforceable.
Why a Prenuptial Agreement May Be in Your Best Interests
Drafting and signing a prenuptial agreement can be incredibly beneficial. These documents encourage couples to ponder and discuss their future wants and needs before entering into a marriage or a civil union, before any potential issues arise. If you are thinking about executing a prenuptial agreement, consider these benefits:
- Sheltering from the debts of the other
- The existence of a plan for mutually agreed upon division of assets
- Protection for individuals of high net worth
- Safeguards for the financial well-being of children from prior relationships or other family members dependent upon you for support
- Perseverance of business ownership
- Shields for high net worth assets including, but not limited to, art and sentimental belongings like family heirlooms.
Making decisions when things between you and your partner are in a good place is preferable to waiting until a time when emotions are running high and interactions are less than amicable.
Engage an Experienced Colorado Prenuptial Attorney
Price Family Law Has the Knowledge and Experience You Need
Just as a prenuptial agreement is an investment in your future, so is the advice and counsel of an esteemed Colorado prenuptial lawyer. Price Family Law has extensive experience drafting and executing these documents and has a reputation for calmly and rationally negotiating to protect their clients’ best interests. They ensure that these documents represent your wishes accurately and completely and are in compliance with state laws.
Price Family Law is committed to providing individuals in Colorado with outstanding family law services. They will work closely with you to learn about your situation, review your finances and help to value assets, plan for the future, and draft your agreement.
Reach out today at 720-615-1750 to schedule your free consultation and learn exactly how Trista Price and her team can best serve you. Electing to enter into a prenuptial agreement is not a sign that you don’t have faith that your union will stand the test of time; it is a smart decision designed to protect both you and your partner. Life is, at best, unpredictable, and being prepared is always in your best interests.
