No one likes to contemplate the possibility of their marriage ending, but a prenuptial or postnuptial agreement can serve a purpose similar to an insurance policy. You hope and expect the best but prepare for the worst by having protections in place. Marriage is an emotional union, but it’s also a legal contract with implications for both parties should a legal separation or divorce break the contract.
A valid, enforceable legal contract puts provisions and protections in place for both spouses should the marriage end in divorce or the death of one spouse. A couple may create this contract either before the marriage or at any time during their marriage, but it’s important to understand the similarities and differences between a prenuptial and postnuptial agreement.
Under Colorado §14-2-302(2), the law describes both prenuptial and postnuptial agreements as “marital agreements” because the provisions and parameters put in place address the same issues, including a structure for the disbursement of marital assets in the event of a divorce, the protection of separate assets, and each spouse’s rights and obligations for financial matters during the marriage. The difference is in the timing of the document’s creation and when it takes effect.
A prenuptial agreement is a legal contract created by partners who intend to marry. Depending on the unique circumstances of both parties, the contract could protect one spouse’s business, retirement fund, family heirlooms, or inheritance from becoming a marital asset subject to division in a divorce.
It may also allocate assets as an inheritance for one partner’s child from a previous relationship or protect one spouse’s income from the child support obligation of the other spouse for their children from a previous relationship. It may also protect one spouse from the other spouse’s debts. Many prenuptial agreements delineate each spouse’s financial obligations and expectations during the marriage, such as an agreement to discuss large purchases.
A prenuptial agreement takes effect only after the partners become legally married. Call our Denver divorce law firm for more information today.
A legal contract protecting separate assets and putting a structure in place for disbursing marital assets isn’t limited to one put in place before the marriage. Married spouses may choose to draft and sign an agreement at any time during the marriage. They may choose to create a postnuptial agreement if they encounter relationship problems and have concerns about the marriage ending, or they could choose a postnuptial agreement as an estate planning tool. In other cases, spouses could decide to create a postnup agreement because one spouse has opened a business, expects an inheritance, or has changed their goals for their assets due to having children.
A postnuptial agreement created while the spouses have love and respect for each other extends those protections for a time when they might have adversarial feelings that would otherwise result in a contentious court battle. A postnuptial agreement becomes enforceable immediately after both parties willingly sign the agreement.
A prenuptial or postnuptial agreement does not have to convey an expectation that divorce is imminent. It can also be a loving tribute that protects each spouse against any eventuality, including the unexpected death of one spouse or a change in relationship circumstances. Prepare for the unexpected by calling Ciancio Ciancio Brown, P.C. for experienced legal representation to safeguard your best interests when crafting a well-executed prenuptial or postnuptial agreement that’s valid and legally enforceable. Contact us at (303) 451-0300 for a free consultation.
