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Is a prenuptial agreement right for most Colorado couples?

A prenuptial agreement, as many Colorado residents might already know, is a legally binding contract for a couple to agree upon prior to marriage. Traditionally, wealthy individuals have used these agreements, but now many couples are realizing that it is not necessary to be rich in order to benefit from one. Many couples are using a prenuptial agreement as a safeguard to protect the assets that they own prior to marriage.

Where it may sound cold and unromantic, this is often a smart move in today's society. Sometimes one or both parties in a couple are often more established in either a career or financially when they get married. To protect what they may bring into the marriage, more people are signing prenups. A prenup can cut out a lot of unnecessary confusion and confrontation in the event of a divorce.

This agreement sets up how the division of property and other assets will occur in case of divorce. Both parties need to fully disclose their assets and come to a mutually satisfactory agreement before signing anything. A prenup cannot cover child custody, child support or a requirement to change an undesirable personal habit. These clauses are most often unenforceable in court. The Uniform Premarital Agreement Act (UPAA) governs the use of prenuptial agreements in some states, but Colorado has chosen to pass its own laws that are similar to this act.

Getting married is a monumental step, and that commitment could last for the rest of the couple's lives. However, sometimes marriages do not work out for a variety of reasons that differ from couple to couple. A properly negotiated, drafted and executed prenuptial agreement can ensure minimum fuss during a divorce and let each party walk away with at least what he or she had prior to the marriage.

Source: The Huffington Post, Unpacking Prenuptial Agreements, Caroline Choi, Jan. 31, 2014

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