Thursday, June 26, 2014
Marital and premarital agreements can be useful for couples of all ages and can be narrow or broad to accommodate the couples’ situation to protect previously acquired wealth or help plan for future inheritance. Colorado had enacted its version of the Uniform Premarital and Marital Agreement Act, which will affect marital agreements and amendments to existing agreements created after July 1, 2014. Key requirements under the new law include that the agreement must be in writing, each party must have access to legal representation, and each party must adequately disclose to the other their financial situation. The new law also prohibits certain provisions from being including in marital agreements, such as those that limit support to a child or create a penalty for initiating divorce proceedings.
See Megan Meyers, Colorado’s New Uniform Premarital and Marital Agreements Act, Fiduciary Law Blog, June 16, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.