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Prenuptial agreement can provide foundation for future security

Though couples enter marriage with the intention of remaining together, statistics suggest otherwise. While the topic of a prenuptial agreement may be seen as a negative attitude toward "happily ever after," in reality, it is simply a pragmatic approach to the realization that almost half of marriages end in divorce. Colorado residents who are aware of the possibility of a future divorce may see a prenup as tool for financial stability.

Prenuptial agreements ensure that separate assets will remain separate property unless stated otherwise. Those who are starting out with few assets may not see a need to plan ahead, but a well-drafted contract protects future assets in the event of a divorce. States fall into one of two categories when it comes to marital property laws: community property or common law property. In community property states, assets owned before the marriage will remain separate, while assets earned during a marriage will typically become subject to division in a divorce. A prenup can work to safeguard certain assets provided they are included in the contract as being separate property.

Common law states generally regard assets earned after marriage as separate property unless the spouses agree to co-mingle them. Inheritances and gifts may be difficult to protect unless steps are taken to ensure that these assets are kept separate. Couples who had a previous marriage and those with children are often more willing to appreciate the benefits that prenups provide.

The discussions regarding a prenuptial agreement may not be romantic but could be essential. Those with significant assets or who wish to ensure that children are provided for in the event a divorce may see this conversation as a framework for future financial security. Spouses who have already determined how their assets will be handled may obtain peace of mind regardless of the future. Colorado residents may consult an experienced attorney who can provide assistance in drafting the contract that meets their specific needs.

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