Many couples contemplating marriage are uncomfortable bringing up the topic of a prenuptial agreement, also known as a premarital agreement. After all, it isn’t exactly romantic. But in the event of divorce, a carefully prepared prenuptial agreement can save a great deal of time, expense and bitterness when the issue of property division comes up.
Prenups are typically proposed by the spouse with more assets to protect. Historically, that meant the husband-to-be. Recently, however, a survey of family law attorneys concluded that women are increasingly initiating the conversation-a reflection of the financial independence of women today. As more women become high earners, they have more to lose in a divorce.
According to the survey, 60 percent of family lawyers have seen an increase in the use of prenups in the last three years, and 46 percent have seen an increase in the number of women requesting them.
In Colorado, prenuptial and marital agreements are governed by the Uniform Premarital and Marital Agreements Act. An agreement will be enforceable in Colorado if it meets the requirements of the Act. Under the Act, engaged couples and already-married couples can enter into an agreement regarding spousal maintenance and property division. A premarital agreement becomes enforceable upon marriage; a marital agreement becomes enforceable when it is signed, as long as it is between spouses who intend to remain married. The agreement will be unenforceable if one or both spouses did not make a full disclosure of their assets before the agreement was entered into. The agreement should be carefully drafted, with the help of an experienced family law attorney.
Source: Pittsburgh Post-Gazette, “More couples saying ‘I do’ to prenups,” Tim Grant, Oct. 31, 2013