Couples in Denver who got engaged over the winter holidays may be anticipating a wedding later in 2020. With all the planning that comes with such celebrations, it is easy to get caught up in the romance. However, practicalities regarding marriage should not be put to the backburner. Specifically, it can be useful for many couples to sit down and execute a prenuptial agreement, also known as a premarital agreement, before their big day.
Prenups on their face may seem unromantic. After all, most couples entering a marriage intend for it to last forever. However, it is simply a fact that sometimes circumstances can arise that lead to divorce. Prenups can help the divorce process run smoother, since the couple will have already agreed upon certain divorce issues in a legally binding manner. Thus, it is important to understand what can be included in a prenup.
Essentially, prenups can address property division and spousal maintenance (also known as alimony or spousal support) issues. In a prenup, each couple will list all their individual assets and debts. Then they will indicate which of these assets and debts will be marital in nature and which will stay separate in nature. The prenup can then indicate who will retain which marital assets in the event of a divorce, and who will be responsible for which debts. An outline of how much spousal maintenance, if any, will be paid in the event of a divorce can also be included in a prenup. Certain issues, such as child support, cannot be addressed in a prenup.
It is important that each party to a prenup obtain individual legal counsel, to ensure the final document is sound and legally enforceable. While not all aspects of a divorce can be included in a prenup, a prenup can at least help couples hash out the financial issues that come with divorce ahead of time, which could prove helpful should the marriage not last.