Engagement is an exciting time for Colorado couples as they plan a wedding and begin to make plans to start their lives as a married couple. During this time of preparation, few people want to think about the possibility that it will not last, but it can be quite practical to plan for certain contingencies in the future.
One of the ways to plan for the future and protect one’s interests is to draft a prenuptial agreement. While you may think that this is only necessary for a wealthy couple or a couple where there are significant assets involved, it can be a positive effort for anyone, regardless of wealth and income level.
Should you consider a prenuptial agreement?
Some people believe that drafting a prenuptial agreement is planning on the marriage to fail, but that is not the case. It is simply preparing for future possibilities and working to protect one’s financial interests. A prenuptial agreement can offer you the following benefits in case of a divorce:
- Protection of your personal assets
- Prevent one party from avoiding a fair portion of marital debt
- Outline the division of marital property
One of the primary benefits of a prenuptial agreement is that it can help you save both time and money in the event that the marriage ends. When property division, often one of the most hotly contested issues in a divorce, is not up for dispute, it can make the divorce process faster and easier.
Additionally, a prenuptial agreement can allow a couple to outline financial responsibilitiesand address their mutual approach to marital debts and assets in the terms of a prenuptial agreement. These discussions can foster positive conversations between two parties who are about to marry and start a new stage in life.
Protecting your future with a prenup
No one enters a marriage planning on it fail, which is why many do not see the positive aspects of drafting a prenuptial agreement before they say I do. Things change, and since it is impossible to predict the future, you would be wise to seek full protection of your rights and interests by taking certain steps today.
It is possible to customize a prenuptial agreement to match your needs and objectives. By working with an attorney, you can draft an agreement that suits your goals and individual financial situation, allowing you to move forward in life and in your marriage with confidence for the years ahead.