Denver Premarital Agreement and Asset Protection Attorney
For many couples, getting married means picking out decorations, reserving a caterer, and spending time with family and friends. Very few couples want to consider what would happen if they got divorced and how asset division would work in the event that their marriage ends. However, it is very beneficial for couples to discuss these things before getting married.
Prenuptial agreements have a bit of a taboo reputation. However, they are secure, responsible agreements that can benefit both parties in a marriage. Signing a prenup contract not only protects certain assets, but it also ensures that both members of a couple are getting married for the right reasons. It can also prevent debt transfer and keep important family assets safe.
If you are about to get married, it is important to consider how a prenuptial or postnuptial agreement can benefit your marriage. With the help of a prenuptial agreement lawyer, you can create an enforceable prenuptial agreement with provisions for both you and your future spouse.
Woody Law Firm, LLC: Your Denver Prenuptial Agreement Attorneys
Our team of Denver family lawyers has many decades of combined experience. With our help, you and your spouse can create a Colorado prenuptial agreement that will hold up in court. Our prenuptial agreements are completely customized to your needs and can be tailored to your marriage. We understand that every couple is different, and each prenuptial has a different aim, so we create documents to match.
Our legal experience goes beyond premarital and postmarital agreements. We have a full range of family law services, meaning that we have helped clients in all areas of their marriage and family legal matters. This gives us a unique and thorough understanding of prenups and how they can affect the rest of your life. Our insight is highly valuable when creating a prenup or postnup agreement.
No other firm in the Denver area provides the same high level of service that ours does. If you are looking for legal help with your premarital agreement, we are here to assist you with our expertise.
What Is a Premarital Agreement?
A premarital agreement, also known as a prenuptial agreement, is a document that a couple signs before they get married. This document protects certain assets or debts from becoming shared property when the couple weds. In the event of a divorce, the assets outlined in the prenup are exempt from the property division process.
What many people do not understand is that attorneys can craft prenuptial agreements to prevent debt from becoming shared once a couple gets married. This can be extremely beneficial if one member of the relationship has a significant amount of debt. For example, suppose that your future spouse took out $250,000 in private loans to pay for medical school. If you and your spouse get married, this debt would become a shared debt. If you divorce at any point, you will still be responsible for paying half of this debt. However, if your prenuptial agreement prevents this debt from becoming shared, you are protected from $125,000 of debt if you and your spouse get divorced.
Although some people believe that prenuptial agreements are only for the ultra-rich, there are many reasons why a couple may sign a premarital agreement. Couples of all socioeconomic statuses can benefit from prenuptial agreements, especially since debt can be a factor in marriages of all kinds.
Why Do I Need a Colorado Prenuptial Agreement Lawyer?
Some couples want a prenuptial agreement, but do not wish to work with an attorney, so they craft the document themselves. Not only is this ill-advised, but it can also be extremely dangerous as well.
Prenuptial agreements are complicated documents to create and enforce. The creator of the document must follow strict rules and guidelines if they wish to make the document legally binding. If the document does not follow all laws and regulations, it does not protect either party nor the assets that it is meant to keep safe. A couple can easily find themselves facing a complicated divorce, legal action, or crippling debt if the prenuptial agreement is not legally sound.
An attorney from Woody Law Firm, LLC, can create your prenuptial agreement with ease. Our experience in this area means that we can create a document that holds up in court and effectively protects your assets in the event of a divorce.
What Is a Postnuptial Agreement?
A postnuptial agreement follows the same outline as a prenuptial one and can effectively achieve the same goals. However, a couple creates a postnuptial agreement after they are already married rather than before they get married.
Postnuptial agreements can be a good option if you did not have time to create a prenuptial agreement or if you did not understand the benefits of these agreements before you got married. In some situations, one member of a marriage receives an inheritance or sum of money that they were not expecting, and they wish to ensure that the assets remain in their biological family. This is another instance in which a postnuptial agreement may be beneficial.
Many people assume that signing a prenup means that one person will get nothing in the event of a divorce. This is absolutely untrue. Prenups protect only certain assets from division. During the divorce process, the court will divide marital property. A prenuptial or postnuptial agreement keeps certain assets from being marital property, and therefore these assets cannot be divided. However, all other assets that you obtained during your marriage are considered marital property and will be divided by the court. You should get a fair portion of your marital property during your divorce, regardless of whether you have a prenuptial agreement.
For example, suppose that your wife’s trust fund is protected by a premarital agreement. During your marriage, the two of you purchased a home, land for a cabin, two cars, and invested in some stocks. If you get divorced, you should still get a fair portion of the home, land, cars, and stock. The only thing that you do not get a share of is your wife’s trust fund.
Understanding marital property is key to understanding prenuptial agreements. These documents are not meant to be predatory but rather to protect certain pre-owned assets from being affected by divorce.
Q: Do You Need a Lawyer for a Prenup in Colorado?
A: While a lawyer is not legally required for a prenup, it is important to hire an attorney to represent you. An attorney can help you create a fair, legal prenuptial agreement. If your spouse’s attorney has created the prenup, it is important to have your own legal representation to ensure that signing the document is in your best interest.
Q: Can I Draft My Own Prenup in Colorado?
A: You can certainly draft your own prenuptial agreement, but it is important to have an attorney look at it before you get it signed and notarized. The language of the terms must be very specific in order to properly protect your assets. If you do not have an attorney look at your prenuptial agreement, it might not hold up in court if you do get divorced, and your assets may be put in jeopardy.
Q: Do Prenups Hold Up in Colorado?
A: Generally, yes. It is important that the prenuptial agreement be created by a professional in the state of Colorado. If either of these is untrue, the judge may not favor the prenuptial agreement. However, it is important to know that there is no 100% guarantee that your prenup will hold up in Colorado court. If laws change, they can affect the interpretation or validity of some of the terms.
Q: What Percentage of Prenups Hold Up in Court?
A: The majority of prenups hold up in court. It is important to understand that prenuptial agreements are not valid in all cases. As time passes, their validity may change as well. Working with an attorney gives you the very best chance of creating an effective prenuptial agreement, but no contract is completely airtight. The court may invalidate a prenuptial agreement for a variety of reasons.
Q: What Makes a Prenup Void?
A: Failing to disclose assets at the time of signing, coercion, false financial information, fraud, and illegal signing processes can all make a prenup void. During your divorce proceeding, if the court discovers that your prenup is void for any reason, then all assets are eligible for division, including those outlined in the void prenup.
Contact Woody Law Firm, LLC
Whether you are creating a prenuptial agreement, are about to sign one, or are getting divorced after signing one, you need a Denver attorney to represent you during the process. Our team at Woody Law Firm, LLC, has decades of combined experience in all these areas, and we can help you navigate your prenuptial or postnuptial agreement case with ease.
If you are looking for high-quality family law representation in Colorado, contact the team at Woody Law Firm, LLC.