If you are a business owner approaching marriage, then you should certainly consider the protection that a well- crafted prenuptial agreement can provide both you and your spouse-to-be. Businesses (as well as business debts) can be considered marital property that must be divided upon divorce, which could be a death sentence for your business. If you have to divide up your business in a divorce, you may leave your employees and customers hanging out to dry because of your personal relationship difficulties — and no one wants that.
Prenuptial agreements can protect both spouses, not only the business owner. A proper prenuptial agreement can protect your spouse from liability for your debts even while you are married, or in the event that you pass away. Also, you can spread out the protections and protect something your spouse may cherish, ensuring that there are far fewer tensions once you are inside the marriage.
Of course, the agreement cannot simply be thrown together if you want it to stand up in court. Many poorly prenuptial agreements have crumbled in the courtroom because proper care was not taken in creating them. If you do not consult a qualified attorney while creating your agreement, and ensure that both you and your spouse have independent legal counsel before signing on the dotted line, you may end up in a courtroom fight after all.
If you’re ready to protect your marriage and your business from each other, do not hesitate to seek out high-quality legal guidance. With proper help from an experienced attorney, you can ensure that your business and your marriage do not suffer because of the other, and make each one stronger in the process.
Source: Inc.com, “Don’t want your ex-spouse to end up as your business partner? Here’s how to guard what’s likely your most valuable financial asset.,” accessed April 14, 2017