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Prenups can simplify division of marital assets

For many Colorado couples, the decision to enter into a prenuptial agreement makes solid financial sense. These marital contracts are becoming far more common than in decades past, and couples find them to be a wise financial planning tool, regardless of their level of wealth upon entering into marriage. While many who draft a prenup will never need to call that document into action, having one in place can greatly simplify the division of marital assets in the event that the union ends in divorce.

When drafting a prenuptial agreement, it is important that both parties fully disclose the range of their assets. If assets are left out of this disclosure process, the entire agreement could be challenged in court. The only way that an individual can enter into a legal contract that cedes his or her interest in certain assets is to know the full scope of what they are dealing with. If assets are left out or intentionally hidden during this process, the entire contract can be thrown out of court.

Another important consideration involves the timing of a prenuptial agreement. The months and weeks leading up to a wedding can be stressful, and adding a legal contract to that mix can bring additional stress. An individual could feel pressured to sign the agreement, in the belief that the wedding may not move forward unless the prenup is signed. When a legal contract is signed under duress, it is easier to challenge in a court of law.

For those in Colorado who are interested in learning more about the financial protections related to the division of marital assets that a prenuptial agreement can provide, the best way to move forward is to schedule an appointment with a family law attorney. He or she can give an overview of how prenups work, and explain how this flexible document can be tailored to fit the unique needs of any given couple. By working with a professional, couples can avoid making mistakes similar to the ones mentioned above.

Source: Fortune, "What we can learn about prenups from the Ben Affleck-Jennifer Garner divorce", Laura J. Vogel, July 4, 2015

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