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Does a prenuptial really matter that much in property division?

| Jan 5, 2016 | Property Division

Aside from ordering the flowers and planning the reception, creating a careful and competent prenuptial agreement is an important part of planning for a wedding. Of course, there are some who fail to see the protections afforded by a prenuptial agreement. Ohers who simply assume that those protections will never be necessary, and these preparations largely fall by the wayside. However, the only constant in life just might be change, making establishing protections in the event of a possible divorce and subsequent property division helpful, if not necessary.

Prenuptial agreements — sometimes known as premarital agreements or prenups — can offer protection for a wide array of issues. These benefits are most often realized during property division, when Colorado couples must face the task of dividing marital property and assets into two fair portions that are not necessarily equal in size or worth. Who gets what can become a serious point of contention. This is perhaps especially so if one person owned a business prior to entering the marriage, and then afterward his or her spouse became an active role in its management.

Most experts also strongly advise that parents utilize the planning tools of a prenup before getting married. Children are typically the innocent bystanders in a divorce, and a prenuptial agreement can ensure that their best interests are protected and preserved no matter what occurs between the parents. This can range from excluding certain assets from being included in property division to limiting, capping or completely eliminating the opportunity for spousal support in order to maintain the necessary financial stability to support the children.

These prenuptial agreements are far from being a predictor of inevitable divorce. Instead, they simply establish a set of protections and benefits for everyone involved in the marriage. With property division being such a significant portion of the divorce process in Colorado, having a prenup secured and in place is one of the best approaches to reaching a mutually agreeable divorce settlement.

Source: fool.com, “Getting Married in 2016? Here’s What You Need to Know“, Chuck Saletta, Jan. 4, 2016