Colorado Prenuptial Agreements – I’ll Keep What is Mine; You Keep What is Yours

You are going to get married.  You have substantial wealth or maybe a well-established business.  You are excited for your upcoming marriage.  You do not want to take away from the excitement by doing divorce or death planning.  Since you have already accumulated your wealth, there seems to be nothing to worry about, right?  You further ration that even Prince Harry, who has a £30 million fortune recently announced he is not signing a prenup to protect his wealth before his marriage to Meghan Markle.

While it is true in Colorado that the assets you acquired prior to marriage, or that you acquire through inheritance or gift are your separate property, such property does not always remain your separate property in divorce.  For instance, if your million-dollar business grows into a multi-million-dollar business during the marriage, the appreciation of the value of your business becomes marital property subject to equitable division upon divorce.

Further, a similar issue arises with separate property money if you place it into a joint account with your spouse during marriage.  Such transfer can be viewed as a gift to the marriage subject to equitable division upon divorce.

The one way to avoid these problems is to discuss entering a prenuptial agreement with your soon-to-be spouse.  This discussion, even though difficult, can serve as a beneficial way to have an in-depth conversation about finances.  It causes both parties to brainstorm about what type of arrangements need to be made to meet everyone’s needs and expectations.

For more information regarding Colorado prenups in the Vail and Roaring Fork Valleys contact Aspen attorney, Ryan Kalamaya or Vail attorney, Amy Goscha at 970-315-2365.

Kalamaya | Goscha is a Colorado law firm specializing in premarital agreements, divorce,child support, child custody, personal injury, DUI and criminal defense with offices located in Edwards, Glenwood Springs and Aspen.