Couples in Colorado who are seeking to fix issues in their marriage may attempt to do so by executing a postnuptial agreement. However, they can be used by any married couple looking to clarify how assets would be divided in a divorce. In some cases, they are created because there wasn’t enough time to execute the contract before the wedding occurred.
Who Does a Postnuptial Agreement Benefit?
This type of agreement can be ideal for individuals who don’t want to be liable for gambling, student loan or other debts accrued by a spouse.
It can also be used to help those who quit their jobs to take care of their children retain assets in the event of a divorce. Furthermore, agreements reached after a wedding takes place can be used to ensure that children from a previous marriage will receive assets if their biological parent passes away.
What are the Postnuptial Requirements?
A postnuptial agreement may also require that one spouse pay for any legal fees incurred by the other if a divorce occurs. It could also determine what would happen to a business if a marriage came to an end. In many cases, those who wish to create postnuptial agreements will need to do so with the help of an attorney. At a minimum, individuals may want to seek independent legal advice prior to agreeing to any proposed deal.
A person who is going through a divorce may be allowed to take possession of a family home or other marital property in the final settlement. An individual may also be entitled to spousal support or other assistance from a former spouse in a divorce decree. Family law professionals may review postnuptial agreements or take other steps to help a person obtain everything that he or she may be entitled to under state law.