On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Tuesday, June 14, 2016.
It is your responsibility as a Nassau County business owner to protect your business from all types of risks, including those involving divorce. You may not be married now, but the moment you become a union, your spouse may be able to benefit from your business. Establishing a prenuptial agreement before you tie the knot can help to keep your business from being affected by the aftermath of divorce.
Your premarital contract is a legally binding agreement that is made between two people before they become married. According to Business.com, there are factors that can affect the execution and enforceability of a prenuptial agreement. These factors can limit the amount of protection it offers your business. If your company benefits in any way from your financial marital assets, those benefits may void portions or all of the agreement, and make the prenuptial contract harder to enforce.
In order for you to give your prenuptial agreement more weight and to increase the amount of protection in place for your business, you need to keep an accurate accounting of all of your business transactions. Establish debt liability to prevent you or your spouse from assuming shared liability. Your prenuptial contract should clearly state that your company’s assets and appreciation are exempt from divorce and are to remain a premarital asset during and after the marriage. A prenuptial agreement should be signed by all of your business partners as well.
It is important for you to consider all aspects of your business when drafting your prenuptial agreement. A well-written premarital contract can shorten the amount of time and money that is spent battling over the ownership of your company and any related assets. This information is only intended as educational material and should not be used as legal advice.
