Colorado Prenuptial Agreements and Postnuptial Agreements
Many people express apprehension initially when they hear an engaged couple will be signing a “prenup,” or what’s legally known as a Marital Agreement in Colorado. After all, if the couple is planning to get married, why should they be thinking about a divorce already? However, there are a number of sound reasons why you might consider getting a prenuptial agreement drafted.
First, the obvious reason is that allows each party to maintain as separate property the assets they have before getting married. Secondly, in the unfortunate event you were to get divorced, a validly drafted prenuptial agreement acts as a “script” for the divorce, minimizing conflict and uncertainty about how the case will be resolved.
Third, even if you don’t have a significant amount of assets, prenuptial agreements can be used to explicitly define what debts you are responsible for, such as credit card debt or student loans of the other party. And last, the process of creating a prenuptial agreement in essence forces you to carefully assess your relationship with the other person. It allows you to reasonably plan for a worst-case scenario at a time when you’re not emotionally and financially vulnerable, as parties often are during a divorce.
Prenuptial agreements can be as specific and detailed as you want, or they can be limited to cover a couple of issues. Furthermore, there’s nothing that limits you from getting a postnuptial agreement after you get married. Many married couples will draft a postnuptial agreement if their marriage turns rocky, but they want more time in deciding whether to pursue a divorce.
Contact us with your Marital Agreement questions or schedule a consultation to begin the process.
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