Planning a wedding is an exciting time filled with joy, anticipation, and important decisions about your future together. One topic that often gets overlooked in the midst of choosing venues and dresses is the prenuptial agreement. While it may seem unromantic to discuss finances and legal matters before tying the knot, a prenuptial agreement—or “prenup”—can be one of the most thoughtful and responsible steps a couple can take.
What Is a Prenuptial Agreement?
A prenuptial agreement is a legal contract entered into by two people before marriage that outlines how assets, debts, and other financial matters will be handled during the marriage and in the event of a divorce, legal separation, or death.
In Colorado, these agreements are governed by the Uniform Premarital and Marital Agreements Act (UPMAA), which ensures that prenups are fair, transparent, and legally enforceable when executed properly.
What Can a Prenuptial Agreement Cover?
While every couple's needs are unique, a typical prenuptial agreement may include:
- Preservation of pre-marital assets
- Responsibility for pre-marital debts
- Division of post-marital property and debts
- Spousal support (alimony) provisions or waivers
- Inheritance rights
- Ownership of businesses or professional practices
- Management of joint or separate bank accounts
It's important to note that even if a couple agrees to no spousal support, a Colorado court could potentially override that provision based on the circumstances of both parties at the time of the divorce. However, a carefully drafted prenuptial agreement will help to ensure that whatever terms the couple agree to will be honored by the Court.
It’s also important to note that prenups cannot dictate child custody or child support arrangements—those matters are always determined by the court based on the best interests of the child.
Why Consider a Prenup?
Prenuptial agreements are not just for the wealthy or celebrities. They are practical tools that benefit couples of all backgrounds, especially when:
- One or both partners have children from a previous relationship
- There’s a significant income or asset disparity between the partners
- One or both partners own a business
- You’re entering the marriage with debt
- You want to protect family heirlooms, inheritances, or retirement accounts
- One or both partners want to avoid an expensive and protracted divorce
The average cost of a divorce in Colorado is $10,000 to $15,000 per party if attorneys are involved. The average cost for a prenuptial agreement is much less starting at around $2,000. Having a well drafted prenup won’t prevent a divorce, but it does eliminate a significant amount of the legal costs.
Prenups also encourage open and honest conversations about finances and expectations, setting the foundation for a transparent and secure future.
Planning to Fail or Failing to Plan
Some people may feel hesitant about drafting a prenuptial agreement because they believe it means planning for their marriage to fail. But creating a prenup isn't about expecting failure—it's about being prepared, just like having car insurance.
No one plans to get into a car accident, but we all carry insurance because accidents happen. Similarly, no one walks down the aisle planning to get divorced, but life is unpredictable. A prenuptial agreement ensures that if something does happen, both parties are protected by decisions they made together when they were on good speaking terms. It’s much easier to come to fair, balanced agreements before any conflict arises.
In this way, a prenuptial agreement is an act of love and respect. It says, 'We care about each other enough to plan for the unexpected and protect what matters most.'