Prenuptial Agreements and Your Divorce in Colorado
While prenuptial agreements aren’t one of the highlights of romance, the truth is that more and more couples are getting one before they marry. A prenuptial agreement – or prenup – protects both spouses financially and legally should the marriage end in divorce. Since nearly 50 percent of all marriages end with a separation, couples are increasingly opting to enter a prenup before marriage that delegates how assets will be divided in the event of divorce or death.
While celebrities and people with a high net worth are known for prenuptial agreements, anyone can choose to protect their properties. People who have prenups typically:
- Have a valuable asset such as a home or retirement fund
- Expect to receive an inheritance
- Have children from a former spouse
- Own a business
What Does Your Divorce Mean?
So you signed a prenuptial agreement and now you’re getting divorced? As per the terms of the contract, property that you both owned before the marriage is likely going to be separate and untouchable. However, any property or wealth acquired during the marriage will be subject to distribution.
For the prenuptial agreement to be valid in Colorado, the prenup must be:
- Agreed upon voluntarily by both spouses
- Made with full transparency and disclosure at the time of the agreement
- Agreed upon consciously
Even if the couple was married in another state but relocated to Colorado only to face divorce, Colorado will likely honor the out-of-state prenuptial agreement so long as it complies with the standards above.
Legal Benefits of Prenuptial Agreements
It’s important for couples to keep their prenup current. By reviewing and amending the agreement every 10 years, for instance, couples are softening the blow of a prenup and keeping the protection of their assets current. Remember, any changes must be made in writing and still meet the points of validation. If you didn’t sign a prenup before your marriage, you can still protect your assets and property by looking into a post-nuptial agreement.
As difficult as it is to think about the end of the relationship, the prenuptial agreement can save you a lot of heartache and money at the end of a divorce. Without the legal benefits of a prenup, your most important assets might be legally delegated to your spouse or your spouse’s children. Instead of a divorce court determining the fate of your assets, a prenup allows you to determine the terms before the marriage itself.
If you are facing a divorce and have a prenup, or are currently drafting an agreement, the family law attorneys at Mike Hulen, PC know how to resolve difficult family matters. Contact us for guidance and advice at (303) 932-8666.