Posted by: Vernon Ready
It’s time to get everything in order for your wedding. You’ve booked your honeymoon, obtained your marriage license, and the big day is right around the corner.
Have you thought about creating a premarital agreement?
No, premarital agreements are not the most romantic way to start sharing your life with your spouse. In fact, bringing up the subject may be kind of awkward.
But this conversation is necessary if you want to protect your assets in the event of a divorce. When dreading the uncomfortable discussion that comes with creating a premarital agreement, considering the following benefits:
Determines Premarital Assets – When you get divorced, the assets you obtained prior to your marriage remain yours. To avoid questions or negotiations regarding these premarital assets, you and your spouse can legally document the property and assets that you both had before your marriage.
You Will Keep Your Business Secure – Colorado is an equitable distribution state.
If you get a divorce, the assets you acquire during your marriage will be divided by what the judge sees as fair. If you start or grow your business during the course of your marriage, you business assets could be compromised and possibly divided. A prenuptial agreement can describe how to properly divide each party’s individual business ventures or assets, even if they were acquired over the course of your marriage.
Less Negotiation – The negotiation required to create a prenup will be far less complicated, emotional, or stressful than any negotiations needed if you get divorced without signing a prenup.
There are many arguments that can be settled during divorce proceedings just by consulting a prenuptial agreement. These agreements can include provisions for the following issues:
Saves Time and Money in Court – Ultimately, the biggest decisions regarding your finances will be settled quickly. You both signed and agreed on the prenuptial agreement, so there’s not much room for argument. Think of all the back-and-forth you might face in and out of court regarding your joint accounts, property, and management of your future assets. This can cost a ridiculous amount of time and cause you to rack up many legal fees.
A prenuptial agreement can keep your divorce quick, simple, and painless. At least mostly. Why do I say that? Because two big things these agreements legally cannot determine are how to handle child support and child custody after a divorce.
To enjoy the many benefits of having a prenuptial agreement, it is important to make sure the document is secure and will be carried out during a divorce. In other words, premarital agreements can be challenged.
For a prenuptial agreement to be used in the case of a divorce, the following must be true:
Ready to start crafting your prenuptial agreement or interested in learning more? Legal representation is key. For a free consultation with experienced an experienced Minnesota family lawyer, contact us today.
About the Author:
Vernon Ready is an award-winning Colorado lawyer with an in-depth understanding of all areas of family law, estate planning, and personal injury. His energetic and aggressive advocacy approach allow him to successfully navigate complex cases, including high asset divorce and complicated custody issues. During his time at the University of Colorado Law School, Ready won numerous awards for his trial advocacy skills. Since being admitted to practice in 2009, Ready has become well-known throughout Denver and the state for the passionate defense of his clients and his unparalleled understanding of the law.