Nothing brings out a firestorm before a marriage than talk of a prenuptial agreement. Whether the talk is between the future spouses or their families and friends, the idea of preparing for a divorce before a marriage occurs is morbid to many.
In today’s world, planning for the worst and hoping for the best is a hallmark. The insurance business thrives on this fundamental approach, so why is something like a prenuptial agreement so horrible to consider? When deciding if this document is right for your situation, take note of what it can and cannot do.
It clarifies what you each brought into the marriage
A prenup is a great way to label what you each brought into the marriage in the way of
Spelling out who brought what into the marriage minimizes arguments down the line.
It sets out the division of marital property and assets
One of the biggest hurdles in divorce is the division of property, assets and debt. In your prenup, you can set the way the division will go should it become necessary. An attorney can help you decide how to do this, whether it is through a flat percentage or if conditions apply to percentage shares (e.g., one spouse stays home while the other works).
It sets up alimony payments
Your prenup can set forth the amount of alimony or spousal maintenance payments one spouse is to pay to the other. As in marital property division, you can put parameters or conditions on how this will work.
It does not have anything to do with future children
A prenup cannot address issues relating to children such as legal custody, parenting time and child support. Colorado courts will not take any these matters under consideration should you decide to include them.
Prenuptial agreements can do a lot of good in the case of divorce. It can completely remove the topic of property division from the equation by setting out how it will happen in advance.