It’s inevitable – change is a part of life. Change is certainly a part of relationships and marriage, as well! Every marriage will encounter periods of transition; it often comes down to how those transitions are handled, though, that determines whether a marriage will survive or end in divorce. When your marriage changes, certain other aspects of your life need to change as well if you want to keep the relationship healthy, and legal agreements are included in that! If you signed a prenup before marriage, or if you are still engaged and your circumstances have changed, then modifying a prenuptial agreement is something that you can and should prioritize.
Prenups are legal documents that lay out exactly how a married couple’s assets should be managed. Most people are unfamiliar with how prenups work, and why they are beneficial, but even couples who have one may not realize that they need to update it to match their current circumstances (or even that it is possible to change it once it’s been made)!
Most prenuptial agreements deal with each spouse’s financial responsibility during the marriage, what is considered “marital property” and how it will be divided if the marriage ends, what will happen to the spouse’s life insurance policies if they pass away or get divorced, whether either spouse will pay/receive alimony if the marriage ends, and other related issues. The most common life change that may warrant a modification is when there is a change in the financial status of one or both spouses, because it can directly affect these issues!
** A note – in the state of Colorado, if the modification is made before marriage, the agreement is still legally referred to as a prenup, while after the couple has legally wed, it is legally referred to as a postnuptial agreement. **
Acquiring New Assets/Significant Changes In Income
A prenuptial agreement is first and foremost a financial arrangement. It revolves around the assets that are brought into the marriage by each spouse and the ones that are acquired during the marriage by both spouses. So obviously, if there are any major assets that are lost or acquired, or if there is a major change in one spouse’s financial situation, then that’s worth considering a change to the prenup!
For example, if one spouse’s uncle passes away and leaves them a large inheritance – a piece of real estate, a valuable family heirloom, a sum of money – then that should be accounted for in the prenuptial agreement. If one spouse owns a business, and that business fails or goes bankrupt, that needs to be taken into account. If either spouse loses their job, or gains a higher paying job, even though the change may be temporary it is worth at least looking into whether or not that should affect the terms set forth in the prenup.
The Birth Or Adoption Of A Child – Not A Relevant Change
The birth or adoption of a child would seem like a major enough change that it would be a good opportunity to modify the prenup, but in the state of Colorado (and in most other states), neither prenuptial nor postnuptial agreements can determine child custody or even child support. In the event of a family split, these issues will be decided based on the best interests of the child and the parents’ respective abilities to provide for them financially at the time the divorce occurs. (The one exception to this rule would be kids from a previous marriage being protected or provided for in the prenup, but that would likely not cause a modification unless the child’s living situation changed or the paternity status changed!)
How Should You Go About Modifying The Agreement?
Just as you signed the agreement – together! Prenuptial agreements have to be signed by both spouses in order to be legally enforceable, so both parties also have to agree to modify the arrangement. You can choose to meet with a lawyer (it doesn’t have to be the same lawyer who drafted the agreement) and learn about your options. Much of the time, depending on your unique circumstances, this will include an amendment being added to the prenup that will alter the legal terms.
What If Your Fiance/Spouse Won’t Agree?
Say one of you wants a modification, and the other person doesn’t think it’s necessary or doesn’t want to do it for whatever reason. You still have options! A lawyer can help you determine if the agreement may be invalid and get it declared so, or they can help you work together with your spouse to negotiate, collaborate, and find a creative resolution that satisfies both parties’ needs! Just because there is conflict surrounding a prenup doesn’t mean that the marriage is over, that the case needs to go to court, or that there is no hope for making necessary changes.
New Leaf Family Can Help You!
At New Leaf Family, our team of family law professionals is unique. We frequently assist couples with prenuptial agreements and modifications, and we are intimately familiar with these complex legal documents and with Colorado’s laws regarding them. We are also a law firm that is focused on change and growth; our whole process, regardless of your circumstances, revolves around your vision for your life and your relationships! If you’re not sure what you want or what is possible, we can explain all of your options and how different choices will practically impact you, your finances, your spouse, and your children.
We try to prioritize collaborating when possible. Particularly if you and your spouse disagree over whether or how modifying a prenuptial agreement should be done, we will guide you through the steps of re-solving. You don’t have to give in or give up in order to get the results you want!
If you live in Colorado and have a prenup, and your life is changing, make sure that the legal documents that affect your future change with it! Call our experienced prenuptial agreement modification lawyers today to schedule a free consultation and learn more about what your next steps should be.
