While not the most romantic topic, a prenuptial agreement is one of the most practical steps a couple can take to provide clarity and peace of mind before entering a marriage. A prenup is a legal contract designed to define how assets and liabilities will be managed during the marriage and, specifically, how they would be divided in the event of a divorce. At Erskine Family Law Firm, we draft and review these crucial documents to ensure they are fair, enforceable, and tailored to protect your unique financial situation.
Key Elements to Include in a Prenup
Defining Separate and Marital Property
One of the most important functions of a prenup is to explicitly define what constitutes separate property (assets owned by either spouse before the marriage) versus marital property (assets acquired during the marriage). In Colorado, equitable distribution laws apply, but a prenup allows you to supersede standard statutory rules. We help you designate specific assets—like real estate, investments, or business interests—that will remain the property of one spouse, safeguarding those assets from potential division.
Establishing Spousal Support Provisions
Another critical element to include is the provision for spousal support (alimony) in the event of divorce. A prenup can detail whether spousal support will be paid, for how long, and under what specific circumstances. While a prenup cannot completely waive a spouse’s right to support if they would otherwise be left impoverished, it can set clear limits on the amount and duration of payments. This eliminates uncertainty and future litigation regarding one of the most contentious issues in divorce.
Allocating Debt and Liability
Marriage often involves combining finances, but a prenup allows you to manage liabilities proactively. The agreement should clearly delineate responsibility for all pre-marital debts, such as student loans, mortgages, or credit card balances. Furthermore, you can specify how debts acquired jointly or individually during the marriage will be allocated in the event of separation. Establishing this clarity upfront protects the financially responsible spouse from liability for excessive debt incurred by the other.
Safeguarding Estate and Inheritance Rights
Beyond divorce, a prenuptial agreement is a powerful estate planning tool, especially for those with children from a previous relationship. A prenup can clarify the division of property upon death and ensure that specific assets are preserved for the intended heirs, rather than passing to the surviving spouse. It works alongside your will and trust documents to ensure your financial legacy is secured and your wishes are honored.
Take the First Step Toward Financial Certainty
A prenuptial agreement is a sensible, proactive decision that can save significant time, stress, and cost down the road. If you are preparing for marriage and seek to protect your future, our team at Erskine Family Law Firm is ready to guide you.
Contact us today at (303) 991-5280 to schedule a consultation and begin drafting an enforceable agreement.