What is a prenuptial agreement and should I get one?
A martial agreement, also commonly known as prenuptial agreement, prenup, and/or post-nuptial agreement, brings with it a certain negativity in many minds of the general public – but is that negative connotation warranted? Of course, the answer always depends on the individual situation, but a marital agreement can be a very useful tool for couples entering into a marriage who want to get on the same page as to their finances and expectations upon death or divorce.
First off, it is important to explain what a marital agreement is and what you can include within such an agreement. A marital agreement is a legal contract between two individuals who intend to marry (or who are already married) that outlines their marital rights and obligations upon one of the spouse’s death or divorce, or even sometimes during the marriage. Most commonly, marital agreements are used to outline financial settlement upon divorce.
Colorado has adopted the Uniform Premarital and Marital Agreements act, also known as UPPA, which outlines the requirements and prohibitions within a marital agreement.
Every marital agreement requires the following:
The agreement must be in writing and signed by both parties freely and voluntarily.
The agreement must not interfere with other agreements signed by the parties under UPPA.
The agreement must be fair, reasonable, and not unconscionable.
Both parties have fairly and accurately disclosed their assets and existing financial obligations.
Both parties had access to independent legal counsel or the agreement advised them of their waiver of that right.
Importantly, a marital agreement cannot be created against public policy and cannot contract for any terms concerning children, or child support.
With a properly drafted marital agreement, both parties will be able to define property rights, allocate liabilities, establish spousal maintenance upon a divorce, and a whole host of other financial terms, so long as the provisions do not violate public policy.
We know conversations between spouses when considering a marital agreement can be difficult and we at Gant Law are here to answer any questions you may have along the way. If you are considering entering into a marital agreement with your spouse and are looking for an attorney to aid in the drafting of the agreement or reviewing a previously drafted agreement before you sign, give our office a call and schedule a consultation today. We look forward to speaking with you soon!
