When two people decide to end their marriage, the issue of property division often comes up. Who will get what and how much are often questions that are left to the Colorado court system to decide. In situations of a high-asset divorce, the dispute can become especially tense. In order to simplify the process, some people use prenuptial agreements, which outline how assets will be divided should the marriage end.
According to a survey conducted by the American Academy of Matrimonial Lawyers (AAML), more and more people are opting for these agreements. In fact, 63 percent of the divorce attorneys who participated in the survey noted that they have seen an uptick in couples requesting prenups. What’s more, they said that an increasing number of women are the ones initiating the request.
Typically, the agreements come into play when one of the spouses has business assets he or she acquired prior to the marriage, or if one of the spouses comes from a wealthy family. However, the president of the AAML said prenups are not exclusively for the wealthy, as some couples enter them simply to protect a single asset.
The laws that dictate how property is divided vary. In some states, a prenuptial agreement must be signed anywhere from 30 to 60 days prior to the marriage. In other areas, there are specific guidelines that, if not followed, will invalidate the agreement. An individual going through a divorce should seek the help of an attorney who can help guide an equitable division of property or ensure that any agreements made prior to the marriage are upheld in accordance with Colorado laws.
Source: Investment News, “Client’s got stars in his eyes? Insist on a prenup,” Liz Skinner, Feb. 13, 2014