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Addressing gifts in a Colorado high-asset divorce

While preparing to wed, many Colorado residents consider including a prenuptial agreement in their planning. For many, this is a prudent financial planning step, and can stave off many of the difficulties that come with a high\-asset divorce. When preparing a prenup, it is vital to include the financial matters that mean the most to both parties. That should include a set of provisions that address how gifts will be handled in the event of a divorce.

One of the most often overlooked items in a prenuptial agreement is the engagement ring. Generally speaking, the ring is considered a gift from the prospective groom to his betrothed. If the marriage does not take place, or ends in divorce, she is usually entitled to keep the ring. That said, spelling that out within the document is always a good idea, and can avoid contention down the road.

An exception may occur if the engagement ring is a family heirloom, or has significant value. If a proposal is sealed with a ring that has passed down through several generations of a family, then it is reasonable to expect that the ring would be returned in the event of a breakup or divorce. That needs to be addressed in the prenup,so that everyone involved knows what is expected if the worst case scenario should arise.

Couples can also include language that addresses how future gifts from one spouse to the other will be addressed if a high-asset divorce occurs. Without such language, gifts become the separate property of the recipient. Unless that is the desired outcome, gifts should be specifically addressed in a Colorado prenup.

Source: brides.com, "The 6 Things You're Forgetting to Include in Your Prenup (From a Divorce Lawyer)", Jaimie Mackey, July 29, 2017

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