Prenuptial agreements can prove invaluable in many ways, especially for business owners. When individuals with complex assets like a business decide it is time to marry, it is wise to take precautions to ensure that both the marriage and the business remain safe from each other, strengthening both in the long run.
As you approach marriage, there is often something intoxicating about joining your life together with another person and building a future together. This joy, however, may be short-lived, especially if you do not protect each spouse's most precious assets. The greater the assets held within the marriage, the more strain that often comes to the marriage, so it is always wise to consider a prenuptial agreement.
One of the greatest advantages of creating a prenuptial agreement with your spouse-to-be resides not in the actual terms you reach in the agreement, but in the process you and your spouse must walk through to create a truly strong agreement together. Prenuptial agreements are useful to many different couples for a variety of reasons, but the ancillary benefits to your relationship can be among the best aspects of the process.
Prenuptial agreements are not only useful in the event of a marriage falling apart, they can be exceptionally helpful for couples who come to the relationship with differing understandings of personal financial responsibility. In this way, a well-crafted prenuptial agreement can help two individuals create boundaries for each other so that the money-related disagreements that destroy many marriages never have to become an issue.
Even a well-constructed prenuptial agreement may not be legally binding in some cases, such as if the contents of the agreement exceed the boundaries of what a court wishes to enforce. This is especially true if the agreement contains language that affects individuals who are personally party to the agreement. In many cases, this involves the rights or privileges of children, or of employees of the couple.
Prenuptial agreements are thankfully gaining popularity and shedding many years of unfair stigma, shedding light on their less common cousin, the postnuptial agreement, in the process. A postnuptial agreement offers some of the same protections that a prenuptial agreement does, but operates a bit differently.
Creating a prenuptial agreement is an excellent way for you and your partner to understand each other's financial lives and practice working together in a possibly uncomfortable environment. Truly, the benefits of creating a prenuptial agreement with your spouse cannot be overstated — unless the agreement is ultimately unenforceable. Unfortunately, many prenuptial agreements crumble when they are called upon because of some error in creation.
Many couples choose not to create a prenuptial agreement because they feel as though, somehow, doing so weakens their marriage before it even begins. This is simply not true! In fact, creating a prenuptial agreement can offer you and your partner vital protections even if you never get divorced.
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.
Citizenship and residency in the United States have become hot-button issues in recent months, as many immigrants and legal residents of the country are facing the very real possibility of deportation. As a response, many citizens in relationships with non-citizens have suddenly felt a strong motivation to accelerate their plans and marry each other sooner than later to combat the threat of losing the one they love. Of course, hastily marriages are especially susceptible to many of the issues that tear couples apart. If you are considering marrying a non-citizen, you should seriously look into a prenuptial agreement to ensure that you both remain protected if the marriage does not last.