THE REPRESENTATION YOU NEED IN ORDER TO PROTECT YOUR FAMILY
What Is a Prenuptial Agreement in Colorado?
Posted in Family Law on March 17, 2021
Marriage and divorce can have many financial implications. Depending on the divorce laws in your state, if you dissolve a marriage, you may have to share some or all of your assets with your spouse – even if you were the sole earner of those assets. A prenuptial agreement (often shortened to prenup) can help you protect your assets in the event of a divorce.
What Is the Purpose of a Prenup?
The main purpose of a prenup is to protect one spouse’s property and assets in a divorce. This is the most common reason for couples to get prenuptial and postnuptial agreements. A prenup is a legally binding document that decides how a couple will handle key matters, such as property division and spousal maintenance, in a divorce.
While a prenup has the power to control many financial issues in a divorce, it cannot control child custody, child support or personal matters, such as the number of children a spouse must have to qualify for financial benefits.
Is a Prenup a Good Idea?
Contrary to popular belief, a prenuptial agreement does not mean a couple plans on getting divorced. Having a prenup does not increase your chances of getting a divorce. A prenup is a way to safeguard one’s assets in the event that your marriage does not last. It can provide peace of mind before your wedding, as well as help you avoid a lengthy and expensive legal battle should the marriage dissolve.
Not every couple in Colorado needs a prenuptial agreement. If neither you nor your spouse has significant assets, it may be unnecessary to create a prenup. If, however, you have premarital assets you wish to protect from going to your spouse in a divorce, a business owned in your name or children from a previous marriage with inheritances you need to safeguard, a prenup could be a good solution.
A prenup may also be right for you if you and your spouse want to figure out property division ahead of time, while you are on good terms and before the emotional side of a divorce affects your thinking. Communicating openly and honestly with your spouse about a prenuptial agreement can lead to a document that works for both of you.
What Makes a Prenup Valid in Colorado?
Colorado’s Uniform Prenuptial Agreement Act enforces rules that must be complied with for a valid and legally binding prenuptial agreement. Your prenup must be in writing and have the signatures of you and your spouse. The document must be signed voluntarily by someone who had access to legal representation beforehand. A prenup will not be valid if signed under fraud or duress. The document also must not contain any illegal or invalid terms for it to be upheld by the courts.
How Much Does a Prenup Cost in Colorado?
The answer to this will depend on your specific situation. The cost in Colorado typically ranges from $500 to $750 or more. If you have complex or high-value assets, your prenuptial agreement may be longer and more complicated. This could make it more expensive to create. If you and your spouse do not agree on all the terms, this could also increase the cost, as you will need to spend more time on negotiations.
Do You Need a Lawyer for a Prenuptial Agreement?
A lawyer can let you know if a prenuptial agreement is right for you. Hiring a family law attorney in Colorado can help you create a prenuptial agreement that is valid in the eyes of the law. Your lawyer can create a document that adequately protects you and your assets. A lawyer can also make it easier for you and your spouse to negotiate the terms of the agreement without conflict.
Learn more about prenups in Colorado today. Call (970) 900-1800 to request a consultation at the Law Office of Stephen Vertucci.