Prenuptial Agreements, known in Colorado as Premarital Agreements, and Marital Agreements can be very useful tools to ensure that married couples retain property and other rights as desired. It is important to understand Colorado law as it applies to both divorce and death of a spouse, as well as options to modify those rights as appropriate for one’s situation.
Who Needs a “Prenup” in the State of Colorado?
Believe it or not, premarital agreements are not a form of asset control reserved exclusively for the very wealthy. There are many situations that could benefit dramatically from these agreements. Even couples with modest assets can leverage prenuptial agreements to properly handle their assets in the event of a death or divorce.
Protection from Debts
In some cases, a premarital agreement can be used to protect oneself from a spouse’s debt. This is often overlooked by couples. Unfortunately, it is not impossible for a person to be left with debt they did not themselves accrue. If your spouse to be has significant debt, it is highly recommended that you speak to an attorney about your options.
Protect Family Heirlooms
Some families have sentimental and valuable property that they want to see kept with specific members of the family. Because property may be shared or commingled within a marriage, if that marriage dissolves situations like this can become challenging.
Children From Prior a Marriage
Sometimes property is already established as intended to go to children a person has from a prior marriage. Even more complicated, this can often be the case for both spouses entering a marriage. To navigate this properly, it is important to sit down with a professional and flesh out these situations in a methodical way.
How to Get a Prenuptial Agreement in Colorado
Historically, courts have been somewhat suspicious of premarital agreements. Concern over these agreements encouraging divorce, or worse, allowing a more wealthy person to exert unfair control over their spouse fueled significant scrutiny. Because of this, it is important to get professional assistance when approaching this subject with your spouse.
This is not something to be taken lightly, and it is critical for each of the parties to have effective representation before signing such an agreement. At Brestel Bucar, our attorneys are here to educate and advise so that you can make informed decisions regarding a Premarital or Marital Agreement in order to achieve your goals.
What Happens if I Don’t Get a Premarital Agreement?
If a prenuptial agreement is not in place and your marriage ends in death or divorce, Colorado state law may determine what happens to your property. In some cases, these laws may handle things in a perfectly fair manner. However, there are many situations that are simply too complex to not address specifically. If you are interested in learning more, please don’t hesitate to contact our attorneys.