Many people view prenuptial agreements strictly as financial contracts. However, these agreements can be more than just about money. They can be helpful in other important matters such as stating the responsibility of each spouse during the marriage, including deciding who will provide for children from previous marriages or relationships.
If you and your partner decide to sign a prenuptial or premarital agreement in Colorado, consider getting the prenup from a Colorado lawyer for a more organized procedure and better informed decisions.
Read on for four important reasons why you should sign a prenup before tying the knot.
To avoid inheriting huge debts
It is not uncommon for one spouse to bring significant debts into the marriage these days. Of interest is that this is not one of the things couples give priority in their discussions before walking down the aisle, so you are likely to not know about the debt until you are in the marriage. Signing a prenuptial agreement will protect separate and marital property from creditors in case the spouse defaults on the debt.
To ensure financial security for both spouses
In cases where one party is significantly richer than the other, signing a prenup will help give the wealthier spouse a much-needed sense of security. If you came into the marriage with a considerable amount of property while your spouse didn’t bring anything, you will want to ensure you limit the duration and amount of spousal support if and when the marriage ends up in a divorce. The spouse with fewer assets, on the other hand, will want to be promised financial assistance or security in the event of divorce. You may want to involve a lawyer while making this agreement.
To protect your business
As stated above, if you get a divorce in Colorado, the court will calculate property division based on what they think is fair. Of course, you may decide to start a business in the course of the marriage without involving your spouse; wouldn’t that be deemed separate property if you get a divorce?
Well, that is what is supposed to happen if the court does its investigations right and you have facts to prove ownership and that the spouse didn’t make any contribution. To avoid the hassle of having to provide proof of ownership, you can have it included in the prenup such that your business assets will be automatically deemed separate property.
To save time and money
In the event of divorce, the court must go through several documents and facts before giving its verdict on property division. With a prenup in the picture, decisions regarding significant properties will be way smooth and quick. A prenuptial agreement compels the court to use your agreements to make decisions regarding finances and property rather than having to make inferences from their own, potentially ill-informed assessments.
The most important thing about signing a prenuptial agreement is that it reduces the possibility of malice-induced divorces. Get a prenup from a Colorado lawyer today and walk down the aisle having prepared for all possible contingencies in your marriage.