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5 reasons to reconsider a marital agreement

On Behalf of | Nov 2, 2021 | Uncategorized

Most everyone understands the basic purpose of a prenuptial agreement. Once taboo or reserved only for those couples with extreme wealth, prenups are widely accepted now as a way to protect each spouse’s interests and make tough decisions before getting married. The alternative is often fighting things out in court if the marriage should end in divorce. 

The unfortunate fact is that many marriages do end in divorce, and this often means months of contention and dispute while the former partners try to agree on how to divide their assets, how to handle requests for support and how to resolve certain questions involving their children. Having these matters settled ahead of time can allow a couple to proceed with divorce with less uncertainty. However, what if you are already married? Is it too late to agree to such a contract? 

Is the time right? 

If you intended to draft a prenuptial agreement before your marriage but never got around to it, it is not too late. You and your spouse can still create a marital contract that addresses the issues that most concern you in case of divorce or that might become sources of contention throughout your marriage. In fact, if you and your spouse are going through a rough patch, your postnuptial agreement can address those matters and outline consequences for future bad behavior.  

Like prenuptial agreements, postnuptial agreements mostly involve concerns about money, and your marriage may benefit from such a contract if any of the following are true: 

  • You and your spouse want to keep your individual wealth separate and off the table if divorce should occur. 
  • One of you has children from another marriage whose inheritance you want to protect. 
  • You want to ensure that your business will be protected from asset division. 
  • You are expecting a large inheritance or gift that you do not want to divide during a potential divorce. 
  • You have decided that one of you will leave work to raise children, and you want to provide for that spouse financially in case of divorce. 

Perhaps you have just changed your mind about having a marital contract. Preparing for marriage is stressful enough without the awkwardness of contract discussions. Now that things have settled down, you may feel the time is right to work out these issues in a calm and loving way with your spouse. However, to ensure your rights are protected, it is wise that you have separate legal counsel to review your postnuptial agreement and confirm its validity by Colorado law.