Colorado is now considering whether to enact the Uniform Premarital and Marital Agreement Act (UPMAA). In 1984, the Colorado legislature passed its version of the Uniform Marital Agreement Act (UMAA). Many states passed versions of this act at that time but there was little uniformity in what the various states passed. Over time, the differences between how each state handles prenuptial and marital agreements have only grown due to amendments and case law. The proposed UPMAA was promulgated by the Commissioners to try to establish more uniformity nationally.
As with current Colorado law, the proposed UPMAA requires a certain level of financial disclosure. Failure to accurately disclose an asset or debt could lead to the entire prenuptial agreement being held invalid. Often times, clients seek assistance from their accountant to help prepare these disclosures. It is important that the accountant understand the disclosure requirements and the danger to the client of not providing reasonably accurate disclosures.
On February 28, 2013, this office has invited a number of accountants, tax attorneys and financial planners to attend a one hour seminar to discuss these as well as some other issues that are important to any of their clients who are dealing with prenuptial agreements or other family law matters. As more and more couples are seeking premarital agreement protection, understanding the requirements for validity and enforcement will likely become increasingly important.