When you are in the midst of planning a wedding, the prospect that your marriage could end up in divorce is likely to be the last thing on your mind. Unfortunately, the potential for divorce is a reality couples must face, and acknowledging that fact can help to open up channels of honest communication. Particularly in high asset cases, entering into a prenuptial agreement is a smart move, and one that our Denver family law attorneys strongly encourage. At Nicholas Family Law, we can guide you through the process, helping to clarify issues and attitudes concerning money that could arise later.
While it may feel awkward, bringing up the issue of a prenuptial agreement has nothing to do with your faith in your relationship or your commitment to your partner. Under the Colorado Marital and Premarital Agreements Act, a prenup is designed to be an agreement between partners who intend to remain married, establishing their rights and responsibilities in the relationship. Advantages include:
- The opportunity for honest discussion about financial matters that are likely to impact your relationship and your marriage;
- Complete disclosure regarding individual property and assets each of you possesses;
- Supplements protections afforded through estate planning documents in the event of incapacity or death;
- Allows for amicable agreements to be made now concerning property division and payment of alimony in the event of a separation or divorce, avoiding the possibility of more contentious disputes later.
At Nicholas Family Law, we believe a prenuptial agreement is not something to rush into. The process of drafting and modifying it should be started well in advance of your wedding. You will need to allow time for disclosures and discussion between you and your partner, in addition to the time needed to meet and consult with your individual lawyers before signing.
Once your prenup is signed and filed with the Colorado court, it is a legally binding document. However, there are situations in which a prenuptial agreement can be declared invalid. These include:
- When one of the parties was pressured to sign or did so under duress;
- When assets and property were not fully disclosed before signing;
- When there are issues of fraud or quid pro quo involved;
- When the agreement disproportionately favors one party over the other.
Bear in mind that your prenuptial agreement can only deal with issues pertaining to alimony or property and asset division. It will not have any impact on your rights to child custody or child support in the event of a divorce.
At Nicholas Family Law, our goal is to protect your rights and interests in the event of unexpected events that jeopardize your well being and financial security. To discuss your options in terms of prenuptial agreements, reach out and contact our Denver family law attorney to request a consultation.