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Contrary to popular belief, postmarital agreements are an option

Many people believed in the past that a contract drawn up after the marriage was entered into might weaken the relationship. However, in many situations,  postmarital agreements can help a couple resolve issues that had been a source of contention. Colorado families may be interested in discovering how such a contract could potentially benefit them.

Unlike a premarital agreement that set forth how assets would be divided in the event of a divorce, a postnuptial agreement is more of a contract that can include any issue or matter that each partner wishes to address. Some of these contracts do settle financial decisions; however, some also include matters pertaining to household chores and child care. Some of these contracts can even include such things as displays of affection and marital relations within the marriage.

An important distinction between the two different agreements is that a postmarital agreement may lead to one partner surrendering rights to which they would otherwise be entitled; therefore, it is important that each party ensure that they are not forfeiting any important protections. Conversely, these agreements may provide insurance that a child or other designated party does receive certain assets or other property in the event of a divorce. An important point to remember is that the majority of the states do not require that the agreement stipulate an equitable division of assets.

While there are differences to keep in mind when considering drafting  postmarital agreements, the potential benefits may far outweigh the hesitation on the part of either spouse. These agreements can address a wide variety of issues, not limited to monetary or business matters. Colorado couples who may have concerns relating to their marriage may desire to seek further information concerning how to craft a legally binding contract that will best serve the needs of each spouse for the duration of their relationship.

Source: post-gazette.com, "Postnuptial agreements gaining traction with couples", Tim Grant, Sept. 9, 2014

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