Under the right conditions, a prenuptial agreement, or martial agreement as it’s referred to in Colorado, could be the difference between a stressful, costly divorce, and a more peaceful and smoother one. Getting married after having worked your way up in your chosen profession probably means that you’ve secured some substantial assets or some debts. These debts and assets, which could grow in the course of your married life, should ideally be determined before marriage, just in case your marriage ends in divorce.
What Should Be in Your Prenuptial Agreement
Family lawyers in Denver and other parts of Colorado noted that it’s important to know that a prenuptial agreement is entirely customizable and doesn’t have to govern each asset earned or possessed by you and your partner. In case you are concerned about a certain debt, or if you own a particularly huge asset that you would still like to solely own, you could exclude those from being considered as marital property.
Likewise, you could outline the manner in handling property division, so that it will reflect which spouse contributed more to the marital assets during the marriage. It’s important that you understand the difference between separate and marital property, and how they could affect your divorce regardless if you have a prenuptial agreement or not.
Prenuptial Agreement Involving Death of Spouse
A prenuptial agreement could likewise affect what happens upon the death of a spouse. Family allowances, elective shares, probate issues and homestead exemptions are included in your prenuptial agreement to provide extended families future resolutions bound by law. It could also govern language regarding your children, such as custody or parenting time issues, which the law needs to approve.
A properly crafted prenuptial agreement can save you significant money and time in the event of a divorce, especially since emotions and temper tend to run high during this time. Timing, as the old saying goes, is everything and this is certainly true for prenuptial agreements.