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Prenups and businesses

One of the assets a person will sometimes have going into a marriage is a business they started or have helped build up.

There are a wide range of circumstances in which owning a business can raise some unique concerns. One is if a marriage one entered into ends in divorce.

Some big challenges can come up in a divorce if property division disputes end up arising in connection to a business. Such disputes can involve some very complicated issues (such as business valuation) and can get quite heated. So property division disputes related to a business could complicate a divorce considerably.

Such disputes could also potentially be harmful to a business. This kind of divorce dispute could put a business in a state of confusion and flux while the dispute is being dealt with, which could have a variety of negative business effects. Also, depending on how the dispute ultimately ends up being resolved, the business' long-term future could be in jeopardy.

So, one thing a business owner may strongly desire is to be able to keep their business out of property division disputes if they were to someday get divorced.

One thing that could potentially help with such dispute prevention is forming a prenuptial agreement with a significant other prior to getting married. Among the terms that can be included in such an agreement are terms regarding what will specifically happen to a business if the couple divorces in the future. Such terms can create some protection for a business when it comes to a divorce and can have the potential to greatly simplify potential future divorce property division matters regarding a business.

So, goals related to businesses are among the goals prenuptial agreements can be aimed at. Now, when it comes to prenuptial agreements, one thing that can be important is for an agreement’s terms to be properly tailored to the goals the agreement is aimed at. Family law attorneys can assist business owners and other individuals who desire to have a prenuptial agreement with tailoring an agreement draft to their particular goals and situation.

Source: The Cheat Sheet, "Marriage: 5 Signs You Need a Prenuptial Agreement," Megan Elliot, March 28, 2016

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