What Is a Colorado Prenuptial Agreement?
A Colorado prenuptial agreement is a legal tool soon-to-be-married couples can use to safeguard their financial assets.. This legal contract stipulates ownership of assets, financial obligations, and property division if the marriage ends.
Colorado follows equitable distribution, under CO Rev Stat § 14-10-113, rather than community property, laws during a divorce. Courts consider each party’s contribution to the marriage, economic circumstances, and other factors when dividing property. Couples can use a prenuptial agreement to retain control over some issues, including:
- Debt allocation
- Spousal support
- Property division
Colorado adopted the UPMAA as a framework for prenuptial agreements. Several other states follow UPMAA laws.
How to Write a Prenuptial Agreement in Colorado
Before drafting a Colorado prenuptial agreement, consider what you’d like to include and make a list of property for both parties, then follow these steps:
- Include identifying details: Give the full name and current address of each party. Note any previous marriages and children from prior relationships.
- Distribute property ownership: Describe how you prefer to divide property if the marriage ends. Include a framework for dividing property obtained before and during the marriage.
- Designate business ownership: Include information about businesses owned before the marriage. Detail guidelines for apportioning ownership of any organizations started or acquired during the marriage.
- Identify debts: Outline all outstanding debts of both parties. Determine whether you’ll combine the debts or if each party retains responsibility for repaying their obligations.
- Decide on tax filing status: Indicate whether you’ll file taxes jointly or separately during the marriage.
- Determine housing arrangements: Share how you’ll divide real estate. You may also apportion responsibility for mortgage and rent payments.
- Outline spousal support: Decide who receives spousal support if the marriage ends. Both parties may waive spousal support in the agreement.
- Review and sign the agreement: Read the document thoroughly before signing it in front of a notary witness. A notarized prenuptial agreement is less likely to encounter challenges concerning authenticity and validity.
Sample Colorado Prenuptial Agreement
View a sample Colorado prenuptial agreement below. You can customize this template using our document editor and then download the completed version in PDF or Word format.
Legal Requirements in Colorado
A Colorado prenuptial agreement form must meet state UPMAA guidelines to be valid.
Signing
Under CO Rev Stat § 14-2-306, both parties must sign a premarital agreement. It becomes effective when the parties get married, as per CO Rev Stat § 14-2-307.
Enforceability
Under CO Rev Stat § 14-2-309, Colorado courts may declare a prenuptial agreement unenforceable if either party proves:
- They signed the agreement involuntarily or under duress.
- They didn’t have access to independent legal representation.
- The document didn’t include a notice of waiver of rights.
- They didn’t receive a reasonably accurate financial disclosure.
Under the law, both parties must have adequate time to consider the agreement and seek legal counsel.
Financial Disclosure
CO Rev Stat § 14-2-309 considers both parties to have adequate financial disclosure if they share reasonable estimates of their income, debts, and property.
Attach each party’s financial disclosure to the prenuptial agreement and save it in a safe place.
Excluded Terms
Under CO Rev Stat § 14-2-310, a Colorado prenuptial agreement can’t include terms that predetermine or waive child support obligations; such provisions are unenforceable and typically disregarded by the court.
The agreement can include parental custody or parenting time terms; however, those terms are not binding on the court in a later dispute. The court will determine custody based on the child’s best interests at the time of the dispute, and may choose to adopt, modify, or disregard any custody-related provisions in the agreement.
Language that violates public policy is also unenforceable.
Ex-spouses may negotiate child support and custody matters in a divorce settlement agreement.
Attorney Representation
Under CO Rev Stat § 14-2-309, both parties need reasonable time to decide whether they want an attorney. They can use the time to locate an attorney and consider any advice provided. If one party has an attorney but the other can’t afford one, they must agree to pay the other party’s legal expenses for representation.
Spousal Support Waivers
Colorado laws allow parties to waive future spousal support in a prenuptial agreement. Spousal support may include money and property.
Modifications and Sunset Clauses
Either party can request modifications to a prenuptial agreement before marriage. However, the modification period ends once they marry. If either party introduces changes to the premarital agreement before marriage, they must follow guidelines for enforceability, including signing off on the changes. Any modification must be in writing and must be signed in the same manner as the original agreement.
If you’re already married and want to protect your financial assets in the event of a divorce, consider drafting a Colorado postnuptial agreement.
Premarital agreements sometimes have sunset clauses, which terminate the contract following a specific date. Colorado allows sunset clauses for those who wish to include them.
Marital vs. Separate Property
Colorado considers most items acquired during the marriage to be marital property. You can use a prenuptial agreement to specify items you’d prefer to remain non-marital in the event of a divorce. For example, a business owner might choose to separate their company from other marital assets.
