What is a prenuptial agreement in Colorado?
A prenuptial agreement, also known as a premarital agreement or “prenup,” is a legally binding contract entered into by a couple before their marriage or civil union. In Colorado, a prenuptial agreement is governed by the Colorado Marital Agreement Act.
A prenuptial agreement allows the couple to define their rights and responsibilities regarding property, debts, and other financial matters in the event of a divorce, separation, or the death of one spouse. It provides a framework for the division of assets and debts, spousal support (alimony), and other relevant issues. Prenuptial agreements are particularly common when one or both spouses have significant assets, own a business, or want to protect their premarital property or inheritances.
To be enforceable in Colorado, a prenuptial agreement must meet certain requirements:
- Voluntary Agreement: Both parties must enter into the agreement voluntarily, without coercion or undue influence. Each spouse should have the opportunity to consult with their own independent legal counsel.
- Full Disclosure: Both parties must fully disclose their assets, liabilities, and financial obligations to each other. The agreement should be based on accurate and complete information.
- Written Form: The agreement must be in writing and signed by both parties. Verbal agreements are not legally enforceable.
- Fair and Reasonable: The terms of the agreement should be fair and reasonable at the time it is executed and at the time of enforcement. It should not be unconscionable or heavily favor one party over the other.
- No Violation of Public Policy: The agreement cannot violate public policy or include illegal provisions, such as waiving child support or setting conditions regarding child custody.
It is advisable for each party to have their own independent legal representation when drafting or reviewing a prenuptial agreement to ensure their interests are protected and that the agreement is enforceable. Consulting with a family law attorney in Colorado who is familiar with prenuptial agreements can help in understanding the specific requirements and implications under Colorado law. Call us at 303-688-3045 today.
