Alimony Remains an Important Family Law Issue
Alimony – or “spousal maintenance” – is among the more controversial issues in the arena of family law, both in Colorado and throughout the country. Some contend that alimony is anachronistic and out of place in the modern era; others argue that alimony is often necessary to balance out certain financial issues which arise among couples. However it may be regarded among the general public, alimony is still very much a legally allowable phenomenon under current Colorado law, and as such it is something which is frequently awarded in Colorado divorce cases.
Alimony isn’t just something which is awarded to one spouse by a court when a marriage ends; in some cases, couples include alimony as a provision within a prenuptial agreement. In other words, couples use prenuptial agreements to literally predetermine whether alimony will be awarded and, if awarded, what the terms of the award will be. The question arises: should I include alimony as part of a prenuptial agreement?
Numerous Factors Should Be Considered When Including / Excluding Alimony
When settling the question of whether to include alimony in a prenuptial agreement, numerous factors come into play. To approach this question properly, you first need to know which side of the alimony you stand to be on; in other words, will you be the payor (the spouse making payments) or the payee (the spouse receiving payments). Obviously, this issue needs to be resolved before you can really dive in and determine whether it is beneficial to add alimony in your prenuptial agreement.
If you’re the future possible payor, you need to assess your probable financial condition in the event of divorce. You need to accurately assess whether you will be able to service the kind of alimony obligation which the other spouse might claim via alimony. Part of this process involves taking a long and thorough examination of your finances. You need to consider your assets, your earning capacity, your projected earnings, your projected debts and other obligations, and so forth. If you’re in a position to service such an obligation, and you believe your spouse’s terms are reasonable, you might consider including alimony.
If you’re future possible payee, you basically need to assess things from the opposite or reverse direction. You need to consider your probable future financial condition, but more so from the perspective of how much you will need the additional income from alimony. This will be an easier assessment for certain spouses than others. Certain spouses, for instance, enter marriage with a preexisting health condition, or with relatively low earning capacity; in those situations, it is easier to know that alimony is more of a necessity than anything else.
Make Sure the Prenuptial Agreement is Fully Enforceable – No Matter What Its Contents
Whatever the decision may be with respect to alimony, if you do decide to craft a prenuptial agreement, make certain that this agreement is fully enforceable. This means checking off all the technical requirements involved with creating a prenuptial agreement. The agreement must be signed by both parties, be free from fraud or lack of proper disclosures, free from duress or coercion, and so forth. The last thing spouses want is to spend time creating an agreement and then have that agreement rendered unenforceable when it needs to be enforced. This is where a skilled family law attorney comes into the equation.
Contact the Drake Law Firm for More Information
If you want to know more about prenuptial agreements, alimony within prenuptial agreements, or alimony in general, connect with one of the family law attorneys at the Drake Law Firm today by calling 720-637-3621.