Many couples here in Colorado believe that a prenuptial agreement demonstrates a mistrust of one’s partner and casts a pessimistic tone over the marriage. While it is true that prenups are used for advanced planning of a possible divorce, they are also a way for each spouse to protect any assets to which they may be entitled. They can be of particular use for people who have accumulated a significant amount of assets prior to marriage.
Making the decision to have a prenup is extremely personal and may be more useful for some couples than others. Many people do not marry until they are well into adulthood and may already own a house or have already been married and had children. A prenup can be a way for a person to explicitly outline exactly what a future ex-spouse may or may not acquire in divorce proceedings.
Though it may seem that a prenup could heavily favor one spouse over the other, this does not have to be the situation. A couple can work together to determine what will be best for them both — or their children — in the event that their marriage ends in divorce. An open dialogue in regard to exactly what the financial picture is for each person and what both would need in the event of divorce can help a couple to avoid mistakes or hurt feelings in the future.
Those who are considering a prenuptial agreement have several issues to consider — asset valuation, child custody and property division, just to name a few. As with the process of divorce itself, Colorado couples will want to be honest with one another about their expectations so that everyone involved can have their best interests served. A prenup does not have to mean planning for divorce — instead, it can mean planning for the future.
Source: The Huffington Post, “Do Prenups Ruin Romance?“, Mindy Utay, May 7, 2014