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How can a prenuptial agreement protect my business?

There are many reasons to consider a prenuptial agreement, but if anyone should absolutely not enter into marriage without legal protection, it's a business owner. Depending on a number of factors, your business may be treated as a standard marital asset in the event of your divorce, which could make it exceptionally difficult to keep the business intact though a divorce settlement negotiation.

Fortunately, it is possible to avoid this disaster altogether with a well-crafted prenuptial agreement. However, a prenuptial agreement must be made according to fairly strict standards to ensure that it is enforceable. Creating a poorly-crafted agreement or falling prey to common mistakes like having both represented by a single attorney in the creating of the agreement can undermine its enforceability.

Of course, a prenuptial agreement can be useful even if a divorce never occurs. A high quality agreement can ensure that your liabilities do not threaten your partner. Using a prenuptial agreement to create this sort of legal separation can help ensure that no matter what happens in your professional life, you partner and your personal matters remain protected. It is easy to see how a prenuptial agreement can be very useful to a couple who is willing to look beyond the stigma of the agreement to see its true value.

Without a solid, enforceable prenuptial agreement, you may have to split up your business the way you would split up a bank account or a record collection if divorce comes knocking. By protecting your business with a prenuptial agreement, you can remove many pressures on your relationship, while ensuring that your employees and customers are not dependent on the successes and difficulties of your personal life.

Source: Forbes, "Protecting Your Business In A Divorce: Pre-Nuptial Agreement," Evangeline Gomez, accessed April 14, 2017

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