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Key points to know about the workings of a prenuptial agreement

After news of the marriage between Justin Bieber and Haley Baldwin broke, there has been much speculation over how the couple's assets would be divided in the event their union does not last. A prenuptial agreement affords couples several key advantages, including allowing each to retain his or her separate assets that he or she owned before the marriage. There are several important points that Colorado residents may benefit from if they are considering this type of contract.

First of all, every state has its own laws regarding how these agreements are enforced in the event of a divorce. Couples tend to specify which state's laws would apply to their situation. Furthermore, both parties are required to have their own representative in order to ensure that their own best interests are protected. These contracts should be signed well before the wedding so that it cannot be argued that one party felt pressured to agree to the terms.

These contracts should be considered fair, though that term can be defined in various ways depending on the circumstances. As long as the parties are provided for, then they can choose how to divide their marital assets, and each party is required to fully disclose his or her assets. In addition, they may or may not include provisions for alimony. If the matter is waived, then spousal support may not be pursued later.

Child support cannot be addressed as this is a matter for the courts to decide. A prenup can also dictate how one spouse will be provided for in the event of the other's death. There are other considerations that may apply depending on the particular couple's situation, such as anticipated inheritances or how other heirs may be provided for if a marriage ends in death or divorce. Colorado residents who are considering whether a prenuptial agreement would be useful for their unique needs may be best served by seeking more information from an experienced attorney.

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