While the term “prenup” may conjure different meanings for various individuals, a prenuptial agreement can be highly beneficial for couples planning to get married. Whether it is to discern separate property from community property or make arrangements for dividing marital property and assets in the case of a divorce, a prenuptial agreement can serve several different functions.
If you and your soon-to-be spouse are interested in having a prenuptial agreement made, you may want to retain a marital agreements attorney’s services for assistance. An experienced Greenwood Village prenuptial agreements lawyer can provide valuable insight into whether a prenuptial agreement is right for you and your significant other.
The law governing prenuptial agreements in Greenwood Village is the Colorado Uniform Premarital and Marital Agreements Act, codified at § 14-2-301 et seq. of the Colorado Revised Statutes. Defined under C.R.S. § 14-2-302(5), a premarital agreement, also known as a prenuptial agreement, is an agreement made between a couple before being married which alters, affirms or waives a marital obligation or right for the duration of the marriage or at the time the marriage is dissolved, the couple legally separates, or one of the spouses passes away.
The purpose of a prenuptial agreement can vary by couple but typically works to establish separate property from marital property or provide guidance regarding the division of property given a specific circumstance (e.g., divorce or passing of one of the spouses). A local attorney with experience preparing prenuptial agreements could help draft the premarital agreement’s terms to fit a couple’s specific needs and circumstances.
For a prenuptial agreement made in Greenwood Village to be legally enforceable, the agreement must be made in writing and signed by the couple, according to under C.R.S. § 14-2-306. Additionally, under C.R.S. § 14-2-307, a prenuptial agreement is not effective until the couple is married and becomes effective at the time the marriage occurs.
In instances where a prenuptial agreement exists, but the marriage is deemed to be void (e.g., if one of the parties is already married), the prenuptial agreement may still be enforceable to the extent necessary to avoid an inequitable result, as provided under C.R.S. § 14-2-308. A skilled prenuptial agreements attorney can help with the drafting of an enforceable premarital agreement, or help a couple determine whether the prenuptial agreement they had made is legally valid.
When planning for a marriage, there is plenty to consider and arrange. If you have separate property and assets that you would like to keep separate from your future community property, or if you and your soon-to-be spouse wish to have arrangements made and set regarding your finances and property if a specific situation were to arise, a prenuptial agreement may be able to help you accomplish this. Although a prenuptial agreement may seem simple enough, drafting a legally enforceable premarital agreement under the state’s laws can be tricky.
While establishing a prenuptial agreement may be difficult to accomplish independently, it may be feasible with a Greenwood Village prenuptial agreements lawyer assistance. Schedule a consultation with the Colorado Lawyer Team today.