“But I don’t need a prenup. We love each other so much.”
While that may be true, that’s not the point.
“We’d always be friends, even if we got divorced. My spouse would never try to take my fortune.”
You’d be surprised.
If any of the following things are true about your upcoming marriage, you should definitely consider a prenuptial agreement to protect your property following divorce.
- You have a business that you love. You’ve grown it from the ground up and it’s your baby. You better have a prenup. In all likelihood, that business is your most valuable asset, and business valuation in divorce is always messy. For a spurned spouse, getting a share of that business could be priority number one to ensure his or her financial future, and if you haven’t taken precautions, it is very possible for all of that growth to go down the drain.
- You plan to stop working to become a stay-at-home mom or dad. Get a prenup. It’s always great to have one parent around to keep the kids fed, clothed and in school, but think about what would happen if you were to get a divorce 5, 10 years in the future. That’s a long period of not honing career skills. A long period of not making business connections and building your rÃ©sumÃ©. When divorce hits, you won’t have anything to fall back on, and you’ll find yourself scrambling to manage your finances in addition to having to deal with the stress of divorce. Go with the sure thing ”“ get a prenup.
- You will be receiving an inheritance soon. Typically, inheritances are considered separate property, so you might think that under no circumstances will your inheritance be within reach of your ex-spouse. You would be wrong. If you fall behind on your mortgage payments, for example, and need to dip into your inheritance to pay for the marital home, that can lead to your inheritance becoming commingled, or mixed, with your marital assets. In that case, it can convert to marital property, and marital property is divided equitably in Colorado divorces.
- You and your spouse have different financial priorities. Suppose you are a saver, and your spouse is a spender ”“ it could be clothes, it could be cars, it could be anything. If one of you has a lot of assets, but the other has a lot of debt, a prenup can ensure that you don’t end up losing all of your assets to pay for debts you did not incur.
If you have any doubt in your mind, get a prenup. And even if you don’t have any doubt, it’s still something you should seriously consider.
Our Denver divorce attorneys can help you make sure your property is safe before you decide to get married.