Decisions of a prenuptial agreement in Colorado
Requirement for Lawyers
In general, it is required for both parties in the marriage to seek separate legal council regarding the prenuptial before signing it. Either party can waive that requirement, but must do so knowingly and voluntarily. Failure to either waive or have the agreement evaluated by an attorney can invalidate the agreement.
Both parties in the marriage are required to participate in full and complete financial disclosures – meaning that you have to share information about your entire financial position at the time the agreement is being entered into. Failure to make a full disclosure by the spouse wishing to enforce the agreement will likely result in the agreement being invalidated.
Sunset provisions or Sunset Clause
A sunset clause, or sunset provision are a voluntary part of a prenuptial agreement that specifies an “expiration date” of the prenuptial agreement, meaning that the agreement is no longer valid if the couple stays married for a certain number of years.
Couples choose to add a sunset clause for many reasons. The longer a couple is married, the less likely they are to divorce, and therefore a couple may feel that the prenuptial becomes decreasingly relevant with time. Other couples may choose to add a sunset clause because they believe that their non-marital assets will become equal by the time they reach the sunset clause.
Sunset provisions and clauses can also create drama within the relationship and aren’t the right choice for every couple. For example, it can create anxiety about whether the marriage will continue after the clause is reached for some.
To lean more about Colorado’s laws regarding prenuptial agreements, CLICK HERE to read the laws.
Prenuptial agreements can be complicated, and can cover a lot of different topics regarding asset division. If you are entering into a marriage, it is good to consider signing a prenup. If you decide to explore the possibility of a prenup, it is good to speak directly with a lawyer about it. At Alexander & Ewert, we would be happy to consult you and your spouse through the prenuptial process. Give us a call today at 970-725-6626.