What is a Premarital Agreement?

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What is a Premarital Agreement

If you are going to get married you may need to implement a premarital agreement. A prenup agreement can provide stability and concrete financial expectations. In this blog post, we will explain what a premarital agreement is and the important factors to consider.

A Premarital agreement, also known as a prenuptial or “prenup”, is an agreement between individuals who intend to marry that affirms, modifies, or waives a marital right or obligation during the marriage or upon Separation or Divorce. These agreements outline the distribution of assets, responsibilities, and other financial matters in the event of a divorce. A premarital agreement can help set the tone for your marriage and establish financial expectations for you and your spouse.

Here Are Some Important Factors To Consider For A Premarital Agreement In Colorado:

Property Division:

Under Colorado law, you may include provisions in your prenuptial agreement that determine the division of property upon divorce. However, you cannot include provisions that limit or waive child support. The court determines child support based on the best interests of the child, and you cannot predetermine it in a prenuptial agreement.

Alimony or Spousal Support:

Prenuptial agreements in Colorado can address alimony or spousal support, subject to certain limitations. While you can agree on the duration and amount of spousal support, you cannot completely waive or eliminate it. The court still has the final say in determining whether the proposed alimony provisions are fair and reasonable.

Child Custody and Visitation:

In Colorado, prenuptial agreements cannot determine child custody or visitation rights. The court decides these matters based on the best interests of the child at the time of divorce. It is important to note that courts prioritize the child’s well-being over any predetermined agreements in a prenuptial agreement.

Illegal Provisions:

It is important to remember that any provisions in a prenuptial agreement that violate state laws or public policy are unenforceable. Discriminatory provisions based on race, religion, or other protected characteristics are not allowed, for example.

Full and Fair Disclosure:

A valid prenuptial agreement requires full and fair financial disclosure from both parties. Each person must disclose all assets, liabilities, income, and expenses. Failure to provide accurate and complete information may render the agreement unenforceable. This can take a long time, so it is important to plan to have a valid premarital agreement before you get married.

To ensure the validity and enforceability of your premarital agreement in Colorado, it is crucial to consult with an experienced family law attorney. They can guide you through the process, help draft a comprehensive and fair agreement, and ensure that it complies with Colorado law. Remember, the purpose of a premarital agreement is to protect both parties’ interests and provide clarity in the event of a divorce or dissolution.

If you have questions or want help establishing a premarital agreement, contact us at the Drake Law Firm today by calling 720-928-2381.

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