Creating and signing a prenuptial agreement is incredibly important. Prenuptial agreements, or “prenups”, are a contract used by couples to predetermine outcomes in the event of a divorce. The short answer is that yes you can write your prenuptial agreement, but we strongly suggest having an experienced family law attorney assist you.
Prenuptial agreements cover many important things such as assets, debt, and spousal maintenance. If your prenuptial agreement is unenforceable or you forgot to consider certain elements, it may cost you in the long run. An experienced attorney can help you make sure you cover everything that will be important in the case of a divorce, save you money, and make sure your prenup is enforceable.
Requirements of a Prenup
It is important to be aware of the formal requirements that govern the enforceability of prenuptial agreements in Colorado. Colorado has adopted specific rules on prenuptial contracts from the Uniform Prenuptial Agreement Act (UPAA). Under the UPAA, prenup need to meet the following requirements to be enforceable:
- It must be in writing
- It must be the signed by both parties
- It must state that both parties are entering the agreement voluntarily
- It cannot interfere with other marital agreements that were previously signed
These are mandatory requirements, and Colorado courts will not enforce a prenuptial agreement that does not meet these requirements.
What Is Usually Included In A Prenup
Most forms of property can be covered by a prenuptial agreement. This includes marital property, separate property, debts, bank accounts, insurance policies, stocks, bonds, vehicles, pets, and other tangible personal property, etc. A prenup can determine how certain property will be allocated, how certain property will be managed, how debts will be allocated, etc.
You can also use prenups to determine spousal maintenance. This may include how much spousal maintenance will be paid and the frequency or regularity of payments. This is also one of the reasons why some spouses may be reluctant to consent to a prenuptial agreement. In some cases, spousal maintenance can be necessary to “bridge the gap” between married life and single life.
There are many key considerations when drafting a prenuptial agreement. An experienced family law attorney can help draft an enforceable agreement that guarantees your rights are protected. If you have questions or would like help with a prenuptial agreement, contact our team at the Drake Law Firm today by calling 720-790-4023.