You may be concerned that discussing a Prenuptial Agreement with your fiancé will be stressful and difficult. At the same time, such an agreement may play an important role in protecting your property, preserving your children’s inheritance and reassuring your business partners.
When approached correctly, Prenuptial Agreements (also known as “prenups”) can play a positive role in strengthening marriages. Many marriages end over disagreements about money. The process of creating a prenuptial agreement acts as a vehicle for you and your fiancé to share your opinions about how you will handle your finances. Regardless of whether you sign it, the process of discussing the agreement communicates the ground rules about money, setting expectations before you get married.
In broad strokes, before a Prenuptial Agreement will be treated as valid, certain procedures are required, including:
- Each party must fully disclose all financial information that would be relevant to the other party’s decision to enter into the agreement
- Each party must retain representation by an attorney
- There must be a certain amount of time between the Prenuptial Agreement and the wedding
All of these provisions are designed to ensure that the agreement is truly voluntary on behalf of both parties. You should at least speak with a qualified Colorado family law attorney about the value of the premarital agreement in your relationship. It may not be necessary, but it’s best to know for certain.