When you hear the word “prenup,” you might think of celebrities or high-paid business executives fighting over who gets to keep the elephant ice sculpture in the summer home’s foyer. But prenuptial agreements are not just for the moneyed elite to cover their finances in case of divorce. Prenups are incredibly versatile agreements that can be useful for many married couples.
What Can a Prenup Cover? What Can’t a Prenup Cover?
Prenups can help to ensure your property rights, including financial responsibilities for the marital home should the marriage end. They can also simplify the process of determining who has the rights to property owned prior to and obtained during the marriage. Debts, insurance policies, wills, employment benefit plans, etc. can also be allocated between the two spouses. You can also determine spousal support (known as maintenance in Colorado) through a prenup.
Colorado courts do not consider prenup provisions concerning children, including child custody, visitation or child support. The reason for this is because in our state, the judge must consider the best interests of the children at the time of divorce, independent of prior agreements the parents may have made. After all, things change ”“ especially between a wedding and a divorce.
The process of negotiating a prenup with your spouse can be awkward; after all, nothing shatters a romantic moment like asking “So who gets the house when we break up?” Open communication, therefore, is incredibly important in setting up a prenup. If you have any questions about whether a prenup is right for you, visit our prenup Q&A or speak with a family law attorney.
Divorce Matters ”“ Denver Family Law Attorneys