For many Colorado couples, a premarital or postnuptial agreement is part of the marital process. They have the agreement as a condition of the marriage, and do so understanding the potential ramifications, if the union does not work out. When there is this type of agreement, there are certain criteria that must be adhered to for the document to be legal and enforceable. While these have been discussed previously, one that is important and should be considered on its own is the waiver of rights.
With the waiver of rights, there must be certain language. It is required to be prominently displayed and easy to understand. This is vital for the party who might have significantly more assets than the other party, as well as the party who stands to limit his or her rights as to what can be received as part of a divorce agreement. There is a basic statement that the signing party is required to know and accept. If there is a dispute after the fact, this can be a critical part of the case's resolution.
The agreement will essentially say that the person signing the agreement accepts that he or she might be surrendering the right to receive alimony from the person he or she is marrying or is married to. It also may say that the person agrees to surrender any right to control of money and property, or agrees to pay debts and bills of the person he or she is marrying or has married. It may give up the right to money and property, if the marriage is dissolved or the spouse dies, and surrenders the right to receive payment for legal fees.
Given this list, many people could feel as if they were treated unfairly in a premarital or marital agreement, if it is upheld based on the person signing it. It is always wise to understand the potential consequences of signing these agreements and that is the goal of the waiver of rights.