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Colorado property division can be simplified with postnup

| Jul 26, 2013 | Property Division

Virtually every Colorado couple who is preparing to wed is aware of the protections offered by a prenuptial agreement. In some cases, the parties may be unsure how to broach the topic, and the matter is never addressed. For other couples, the property division benefits of a prenup are clear, but time runs out before the wedding, and the document is not in place by the time the big day arrives.

Luckily, all is not lost for couples who walk down the aisle absent a prenuptial agreement. It is possible to create a postnuptial agreement at any time after a marriage has taken place. A postnup offers the same benefits as a prenup, and can clearly outline the expectations of each spouse in regard to property division in the event of a divorce.

Spouses can dictate how their assets would be divided if the marriage fails. In addition, a postnup can specify how property that one partner brought into the marriage is preserved in a divorce, so that children from a previous union can inherit those assets. A postnuptial agreement can be a valuable planning tool.

In creating a postnup, Colorado couples can customize the document to suit their own unique needs. This is not an area of law in which a one-size-fits-all solution is appropriate, and a postnup is carefully drafted to accommodate the specific property division scenario of the couple it serves. For those couples who tied the knot without a prenup, this is a chance to gain the same level of protection without the time constraints that exist as a wedding approaches.

Source: nbcnews.com, “If you ran out of time for a prenup agreement, try a postnup,” Kelley Holland, July 5, 2013