Marital Agreements
Colorado Prenuptial and Marital Agreement Attorney
Marital agreements include those made before the marriage (prenuptial or premarital) and those made during the marriage (marital). Marital agreements allow the spouses to determine rights between them in the event of divorce or death. In Colorado, the marital agreement must be in writing and signed by both parties. No "legal consideration" is necessary. The agreement is generally enforceable unless it was not entered into voluntarily or if there has not been fair disclosure.
The issues with marital agreements are generally what to protect, how to protect it, and how to enforce or defend against the agreement. Attorney Jeff Alter can help you draft and understand these agreements. He can also advise you whether you should sign one. And, if you think that litigation might be forthcoming to enforce or defend against an agreement, Jeff can provide strong representation on your behalf.
What Can Be Agreed To?
Almost any right or obligation can be the dealt with in the agreement. Examples include:
- Property disposition - Real or personal.
- Alimony/Maintenance.
- Attorneys' fees.
- Waiver of a spouse's rights upon the death of other spouse.
What Cannot Be Agreed To?
As stated above, most things can be agreed to, but a determination of certain rights and obligations still will require a finding by the Court. Instances include child support and parental responsibilities, a determination to which the Court is guided by the best interests of the child(ren).
What About Disclosures?
In order to waive rights concerning property, a spouse must fairly know what property exists. At a minimum, each spouse must have a general knowledge of the other's assets. If a spouse is able to show that the other spouse did not provide a fair disclosure of property or financial obligations, the ignorant spouse may be able to avoid the agreement. Written disclosures and financial statements are generally advised to be annexed to the agreement to minimize disputes over disclosure issues.
Who Should Have a Marital Agreement?
Like a will, most people don't think of a marital agreement until it's too late. There are many reasons why a couple should have a premarital agreement, and the circumstances vary. Remember, unless you agree as to financial arrangements, the Court will decide property distribution of marital assets at the time of divorce. With a marital agreement, you can decide what is and isn't marital property. Some of us bring debts to a marriage. If there's no marital agreement, creditors can sometimes turn to marital property to satisfy the debts of just one spouse. You can make sure that saying "I do" is not the same as saying "I owe". Marital agreements can also provide for children from prior marriages. An agreement is helpful (perhaps essential) if either of you has children from another relationship and you want to make sure that your children inherit their share of your property. For example, one or both spouses can give up the right to claim a share of the other's property at death, perhaps in exchange for an agreed upon amount of property.
Jeff can assist you in all of the above and more - contact him for a consultation.