Law Office of Lori Crystal, LLC
How Should Couples Prepare for Executing a Prenup?
Some Colorado couples who are engaged to be married may be thinking about more practical matters than simply what color flowers to have at their wedding or whether chicken or beef should be served at their reception. They may have taken steps towards thinking of their future, specifically about the fact that statistically there is a chance their marriage might end in divorce. Therefore, they may have decided to execute a premarital agreement — also known as a prenuptial agreement.
While some people might think that all a prenup does is dictate who gets what in a divorce, it can do more than that. However, couples should not make their prenup overly-complicated. There are some basic points to keep in mind that could lead to a prenup that is fair and satisfactory to all.
First, both partners need to be ready to disclose all their assets and debts. This way they both have a clear and fair picture of what is on the table when it comes to property division. It is recommended that each party retain their own attorney, so that they can ensure the final prenup is not too one-sided. In addition, prenups should focus on financial and legal issues. While it may be tempting to add personal issues, such as how many children to have, into the mix, such provisions may not be enforceable. Finally, couples negotiating a prenup should be fair to one another. They are entering their marriage with the expectation that it will last, but it sets a good tone if from the get-go they commit to ending things fairly, if it comes to that.
Prenuptial agreements may seem unromantic, but they address the very real fact that a good percentage of marriages will end in divorce. Entering into one isn’t a sign that you expect your marriage to fail, but that if it does, neither party will be taken advantage of. Prenups are legal instruments, however, so those who want to learn more about executing one will want to seek guidance from a family law professional before doing so.