Not all Colorado couples have the foresight or desire to set up a prenuptial agreement. As financial situations change during the life of a marriage, however, spouses might be interested in signing a postnuptial agreement. Like a prenup, a postnuptial agreement can provide many benefits that can help a couple not just manage finances at the moment but also in the future if the marriage ends in divorce.
A postnuptial agreement can be particularly beneficial in certain situations. These include relationships where one spouse might be somewhat irresponsible with money. The agreement could force both spouses to address the issue and set rules and goals moving forward. It can also be beneficial if there's a family business. Partners may want to set up protections in case future situations, such as divorce, arise. When one of the partners expects to receive a large inheritance, a postnuptial can also serve to establish how this will be handled.
The process of creating a postnuptial can be time-consuming since both spouses should be honest about all aspects of their financial situation, including debts and how these will be paid. If the couple has children, they must be taken into consideration too. This is especially important when there's a business involved that could be passed on to the kids. During this process, the couple might also consider setting up an estate plan and trusts as necessary. This could also be the time to consider retirement options as well.
If spouses decide to set up a postnuptial agreement, both parties may want to consult a family law attorney. A lawyer might explain the state legislation for this type of agreement, the options that could work for the couple and help them draft the agreement.