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A prenuptial agreement is just one way to protect assets

For those in Colorado who wish to protect themselves against financial loss, a marital contract is a good place to start. However, there are other available options beyond a prenuptial agreement, many of which are overlooked. Preserving wealth should be a top priority, and the following tips are offered to help individuals understand the choices they have in meeting their goals.

A prenuptial agreement is the most common type of marital contract. A prenup is a legally binding document that outlines how assets will be divided in the event of a divorce. In order to be effective, couples must ensure that both parties have access to their own legal counsel prior to signing and that there are no elements of fraud or duress present when the document is signed.

For those who do not make use of a prenup, it is still possible to protect against divorce losses. A postnuptial agreement can serve the same function as a prenup. It should be stated, however, that the courts will often hold a postnuptial agreement to an even higher standard than a prenup. These documents must be carefully drafted, and both parties must be fully aware of their rights prior to signing on the dotted line.  

Even couples who choose not to marry should take precautionary measures to avoid financial losses. A cohabitation agreement can prevent a partner from having a legal claim to one's assets based on a lengthy period of living together. It is important for Colorado residents to understand that, while divorce is the primary means by which assets can be divided, it is not the only way that losses can occur. By choosing a prenuptial agreement, postnuptial agreement or cohabitation agreement, it is possible to secure the proper protection for virtually any set of circumstances.

Source: rollingout.com, "Find out how to protect your assets from a possible bad breakup", Kacie Whaley, Jan. 13, 2016

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