Sometimes, couples in Colorado fail to execute a prenuptial agreement prior to walking down the aisle. Perhaps they thought of the notion as unromantic, or worse, a sign of mistrust or a belief that the marriage will fail. Perhaps they were simply so busy planning for their wedding that they never got around to it. Or, perhaps they felt like they had so little in the way of assets that a prenup was not necessary.
However, life circumstances change, and a couple may find in the future that while they are still committed to making their marriage work, they wish they had signed a prenup before getting married. Do couples have any options if this happens? One option they may have is executing a postnuptial agreement.
It is important to note, however, that if a couple does execute a postnup, they must do so with all the proper formalities, so that it is legally enforceable. While the laws in some states specifically address postnups, not all states have laws like this. While Colorado has enacted the Uniform Premarital and Marital Agreements Act, it is only one of two states that have done so.
Postnups can address a variety of topics. They can address property division, alimony, what will happen to retirement accounts and the family home should the couple divorce, and more. Even noneconomic topics, such as infidelity, can be addressed in a postnup.
Postnups, like prenups, can be very valuable should the marriage not last, as many decisions regarding property division and alimony, among others, have already been agreed to. An attorney can help couples decide if a postnup is right for them and can assist them in executing a legally enforceable postnup.
Source: Bloomberg, "Why More Couples Are Signing Postnuptial Agreements," Ben Steverman, April 28, 2017
Tags: Divorce
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