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Why a prenuptial agreement is often a good idea

On Behalf of | Apr 25, 2023 | Prenuptial Agreements

Many people mistakenly associate prenuptial agreements with celebrities or the very wealthy. That’s probably because most news stories about prenups involve these individuals. Others think that drawing up a prenup is bad luck or a sign that a couple is not committed to each other.

The truth is, a prenuptial agreement is something that most engaged couples in Denver should consider. They do not symbolize a couple expecting to get divorced someday. They are about keeping yourself protected financially no matter what happens in the future.

Not romantic, but still important

Like many discussions about money, talking about a prenuptial agreement with your future spouse (or a postnuptial agreement, if you are already married) is not very romantic. After all, you are discussing the possibility that you will get divorced someday and need to divide up your marital assets in accordance with Colorado law. But just like life insurance and saving for retirement, a prenup can be part of intelligent planning to ensure that neither you nor your spouse will face financial catastrophe in case of unexpected events, including a divorce.

Removing uncertainty for lower income earners

This is especially important for couples where one spouse earns significantly more than the other. A spouse who works part-time or earns a relatively modest income might nevertheless struggle to be awarded alimony, especially if you were not married the minimum ten years required by state law or the judge considers the spouse to be young, healthy and educated enough to support themselves. By working out property division and possible maintenance ahead of time, you can eliminate uncertainty about affording life after divorce.

Safeguarding your small business

Prenups are not only for wealthy business owners. But there is a reason they are so popular among such people. They have a business they have built up with a lot of hard work or are part of the legacy of a family business. Naturally, they would want to take steps to ensure the business remains intact even if their marriage does not.

These and other reasons are why many people in Denver negotiate prenuptial agreements before getting married. But even if you don’t have one, a fair and reasonable divorce settlement is still possible — with the right legal representation.