Prenuptial agreements are used by 40% of couples between 18 and 34 years of age according to a recent Harris poll. With more and more singles deciding to enter into prenuptial agreements before marrying, regardless of whether it’s their first marriage or not, it’s imperative to understand what a prenuptial agreement is and how it works in Denver, Colorado. If you believe that you would benefit from drafting and signing a prenuptial agreement, schedule a consultation with the Denver prenuptial agreements lawyer of Stahly Mehrtens LLC.
What Is a Colorado Prenuptial Agreement?
A prenuptial agreement is a legal contract between two individuals who plan to enter a marital contract. It includes each person’s separate assets and liabilities. In addition to that, it explains how their separate assets and liabilities, along with any marital assets and liabilities, will be managed in the event the couple files for divorce. It may also include other provisions, depending on Colorado Revised Statutes, that the couple finds beneficial to meet their needs.
What Does Colorado Law Say about Prenuptial Agreements?
The State of Colorado adopted the Uniform Premarital and Marital Agreements Act (UPMA). Under this Act, its goal is to prevent prenuptial agreements and other premarital agreements from creating “an inequitable result.”
This act also sets forth the legal requirements of a prenuptial agreement. For example, it must be:
- In writing
- Entered into voluntarily
- Include a full disclosure of assets and liabilities
- Cannot violate public policy
- Cannot limit or waive child support
- Must be signed by both parties
How Does a Prenuptial Agreement Help You?
Entering into a properly drafted prenuptial agreement can help you in several ways.
- Employee benefits and retirement plans can be addressed prior to divorce or death
- Spousal maintenance and support can be waived or limited as well as conditions can be addressed
- Each party can protect their separate property, including inheritance rights
- Conflict and litigation costs in the event of divorce or death can be reduced
- Financial transparency and communication are enhanced between the parties
- Each party has the opportunity to have their values heard and possibly negotiated into the agreement
What Issues Can a Prenuptial Agreement Cover in Denver?
There are several issues that the parties can include in a Colorado prenuptial agreement, such as:
- How assets will be divided during a divorce or because of a spouse’s death
- How accumulated wealth will be divided during a divorce or because of a spouse’s death
- How debts will be split during a divorce
- Who will keep the marital home in the event of a divorce
- Who will pay the mortgage, homeowner’s insurance, and property taxes for the marital home
- How business interests will be treated due to a divorce or a spouse’s death
- Who will retain ownership of pets in the event of a divorce
- The circumstances surrounding whether spousal maintenance and support will or will not be paid
Call Our Denver Prenuptial Agreement Attorneys Today
Remember that a prenuptial agreement is a legal contract. Work with an experienced divorce lawyer in Denver, such as those at Stahly Mehrtens LLC, to draft one that will protect your interests. If you’re presented with one, always have it reviewed by an attorney before you sign it to ensure that it is fair. Schedule your consultation with Stahly Mehrtens LLC now to learn more.