For previous generations, prenups were the financial planning tools of the wealthy. They were used primarily to protect inherited wealth, and were written to favor the moneyed spouse at the expense of his or her marital partner. In fact, there were many cases in which parents or grandparents made a prenup a condition of an inheritance. Today, however, millennials in Colorado are rewriting the rules when it comes to creating the perfect prenuptial agreement.
The landscape of the American workforce is changing, as technology fields continue to expand and grow. That has led to a plethora of startups and other ventures in the area of technology, in Colorado and across the nation. These jobs can be very lucrative, especially for the founders and those who are able to get in on the ground floor. When it comes to protecting that wealth from loss due to divorce, a prenuptial agreement may not provide full coverage on its own.
Love him or hate him, our new president has certainly garnered the attention of both the media and the nation's population. For undocumented immigrants, fears over Trump's immigration policies have led to a great deal of stress. Some Colorado couples in which one party is undocumented have decided to step up their existing engagement in order to move closer to a green card, and the resulting security that the couple will be able to remain together. That has also led to an increase in the number of prenuptial agreement consultation requests to family law attorneys.
Recent research suggests that young couples are more interested in protecting their assets prior to marriage than their parents or grandparents were. In a survey conducted by the American Academy of Matrimonial Lawyers, respondents reported a noticeable increase in the number of millennials who are drafting a prenuptial agreement prior to tying the knot. For Colorado residents who are considering marriage, it may be worthwhile to think about including a prenup in the wedding preparation process.
For many Colorado couples, the urge to wed is simply not an issue. They are perfectly content to align their lives and pursue a fully committed relationship, without the need to formalize the union by marriage. This is a totally valid lifestyle choice, but one that can have a number of financial repercussions if things do not work out as planned. Married couples can protect themselves by way of a prenuptial agreement, while unmarried couples have access to a similar contract: the cohabitation agreement.
It is not uncommon for Colorado couples to enter into marriages with already-accumulated assets. The most appropriate way in which to protect those assets may be to draft a prenuptial agreement. However, without the guidance of a skilled attorney for each party, the agreement may not properly express the wishes of each spouse. Legal counsel can also ensure that the final agreement will hold up in court.
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.
Many people who have amassed a significant volume of wealth are concerned with how to protect those assets in the event of a divorce. That said, not everyone in Colorado is willing to negotiate a prenuptial agreement as they prepare to wed, often for fear of upsetting their soon-to-be spouse. When a high asset marriage ends, however, many of those same people wish that they had taken that important wealth preservation step, as they enter into the divorce process with little or no protection.
Many Colorado readers are familiar with the hit television show "Big Bang Theory," which stars actress Kaley Cuoco. In a recent report, Cuoco was named among the highest paid actresses on television. She has made recent headlines in other matters, however, as her soon-to-be ex attempts to challenge the prenuptial agreement signed by both parties.
When Colorado couples marry, they are filled with hope and anticipation for their futures. However, couples should face the fact that many marriages end in divorce. This is why a prenuptial agreement is a good idea for all couples who wish to protect the assets they have before getting married. A prenuptial agreement is a form of a contract between the two people who are planning to marry.