Colorado couples who are considering a prenuptial agreement must decide whether they actually need the agreement and whether they are ready to have a potentially difficult conversation. While it is ideal for couples to be able to discuss their finances openly, individuals may not feel comfortable with the topic of divorce or the financial specifics of a prenuptial agreement.
However, if either of the two individuals brings significant assets to the relationship, a prenuptial agreement may be advisable. Discussing a prenuptial agreement may also allow a couple to come to a greater understanding regarding attitudes toward finances, and even if they ultimately decide not to draw up a formal document, such a conversation can actually strengthen a relationship.
Prenuptial agreements cannot cover issues like child care and support, household duties, or any points unrelated to finances. In fact, including such issues leaves the agreement at risk of being thrown out of court for frivolity. Individuals should keep in mind that portions of a prenuptial agreement can be challenged, such as alimony waivers.
While discussing the possibility of a prenuptial agreement, it is important for a couple to consider all assets and factors involved. A family law lawyer can make sure all of these details are discussed and accounted for. For example, if one person plans to support the other during schooling, a provision could be written into the agreement that acknowledges the financial sacrifice of helping them through school. Additionally, if one partner incurs significant debts during the marriage, a prenuptial agreement would protect the other partner from these debts. A lawyer may be able to help a couple in forming an agreement that works for both parties.
Source: Findlaw, "How to Determine if a Prenuptial Agreement is Right for You", August 07, 2014
Tags: Prenuptial agreement
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