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Basic Elements of a Prenuptial Agreement

Every marriage ends in death or divorce. Preparing for these helps make a marriage less stressful, which is why more and more people are entering into prenups.

 

“Often, people marrying later in life have property or children from earlier marriages.

A marital agreement (also known as a prenuptial agreement) allows the couple to decide, in advance, what rights each of them will retain over certain property if a divorce or death occurs. A verbal marital agreement is not enforceable. In order to be valid, a marital agreement must be in writing and signed by both parties, and the couple must first make a complete disclosure of their respective financial circumstances to each other. The couple can revoke or change the agreement later only by a signed written agreement. Retirement benefits only may be waived by a current spouse. People who want such an agreement should get their own separate lawyers well before the wedding. An agreement will not be valid if both parties did not have the time and opportunity to get an attorney. The party with more assets or income should offer to pay the other person’s attorney fees. If there is a divorce, dispute over a will, or other action where the property rights are an issue, a valid marital agreement will govern the matter. Marital agreements also may be made between spouses who have been married for any period of time, so long as no action for dissolution of marriage or for legal separation has been filed or contemplated” (Willoughby, 2016, p. 154).

 

For more information on how a prenup Lawyer in Colorado can help with prenuptial agreements, read “Chapter 13: Family Relationships” in 2016 Colorado Senior Law Handbook, or give your trusted prenuptial lawyer a call.

 

Willoughby, K. R. Esq., (2016). Chapter 13: Family Relationships. 2016 Colorado Senior Law

Handbook, 154.

 

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