Prenups can aid in property division, if properly drafted

On Behalf of | Nov 17, 2013 | Property Division

Many Colorado couples understand the importance of including a prenuptial agreement within their wedding planning. However, far fewer realize the ease with which these documents can be challenged in court, and the need to take precautions against that during the drafting of a prenup. Without the proper level of care, this essential financial planning tool can be rendered powerless, and couples can find themselves battling over property division in front of a judge.

One aspect of a prenup that can be easily overlooked are the conditions under which the document is signed. It is important that both parties have access to their own independent legal counsel, and that each is fully aware of the provisions laid out within the document. Doing so can help defeat any future challenges that claim that one party was not given the information he or she needed to make an informed decision about the document.

Another concern is ensuring that the financial disclosure portion of the prenup process is comprehensive and accurate. Drafting a prenup entails a full disclosure of all assets, income and liabilities. If significant omissions occur, the damaged party can ask that the entire agreement be voided by a court of law.

Colorado couples who are considering making use of a prenuptial agreement should take these matters into consideration before beginning the process. Simply having a prenup in place is not sufficient: it is also necessary to pay close attention to the circumstances surrounding the drafting of the agreement. Doing so can ensure that should the need for property division ever arise, the tools are in place to ensure a fair and balanced outcome.

Source: Huffington Post, Heading to Divorce Court With a Prenuptial Agreement, Alton Abramowitz, Nov. 4, 2013