On behalf of Cooper & Tanis, P.C. posted in divorce on Tuesday, January 26, 2016.
Some Colorado millennials may be among those who attorneys say are increasingly requesting prenuptial agreements. Although many of these millennials may not have begun building significant wealth yet, they still see a prenup as a guard against losing future earnings or gaining debt. Some millennials and people in other age groups may be concerned about taking on a partner’s debt while others are more concerned that if they start a lucrative career, their earnings are protected.
Prenuptial agreements can take many different forms. For example, there may be a clause specifying how much one partner will get out of the divorce settlement if the marriage lasts more than a certain number of years. Some prenuptials might also include clauses on elements of lifestyle, but in general, only the financial aspects of a prenup will hold up in court.
Couples should begin discussing prenuptial agreements early. If a prenuptial agreement looks rushed or the parties were unable to discuss it sufficiently with their attorneys, it may be dismissed. Couples may find that they benefit from discussing the possibility of needing a prenup, regardless of if they ever decide to draft it. This openness about marital finances often results in a stronger marriage.
If a marriage does end in divorce, having a prenup might make the process of negotiating the financial aspects of the situation easier. However, a prenuptial agreement can be challenged in court, and a couple may also have to make decisions about issues such as child support and custody. Attorneys may be able to assist with these types of negotiations or with litigation if necessary. Another possibility is that a couple’s financial situation has significantly changed in a way that is not covered by a prenup or that the couple wishes to make different arrangements.