Asking your partner for a prenuptial agreement before your big day can be complicated. While you are looking out for your best interests, it might seem that you are not in it for the long haul or that you are concerned about a split. However, creating a prenuptial agreement can be incredibly important when it comes to protecting your business interests.
What is A Prenup?
A prenuptial agreement (also known as a “prenup”) is a legally binding contract that outlines the rights and obligations of each partner in the event of death or divorce. This document can come into play if you decide to dissolve your marriage, and it will be used to settle assets, debts, and other issues.
Why Should Business Owners Consider Prenups?
When it comes to business owners, a prenup can help protect their interests in the event of a divorce. A key element of any prenuptial agreement is that it must be fair to both parties. Any decisions should take into account the fact that each partner brings something different to the table, and any assets or business interests must be allocated in a way that is equitable.
Including the Business and Assets In A Prenup
When it comes to including the business in a prenuptial agreement, you should include information on how it will be managed if the marriage ends, who would have control, and who would be entitled to any profits. You should also make sure that the agreement clearly outlines what will happen to the business assets in case of a divorce or death.
A postnuptial agreement might also be necessary if you began a business after your marriage took place. This document is similar to a prenup, except that it is made after the marriage has taken place.
Unwavering Commitment to Delivering Results
Creating a prenuptial agreement before your wedding can be tricky, but it is vital for business owners. Not only will you be safeguarding your own interests, but those of your loved ones as well. Crafting a carefully tailored document that takes into account all possible outcomes and provides protection from future disputes is essential.
At Herbert & Weiss, LLP, our experienced team is passionate about delivering the results our clients deserve. Learn more about how a prenuptial agreement can benefit you and your business, and schedule a consultation today by calling our firm at (201) 500-2151.