You worked hard to build your business from a small one-person operation to a thriving leader in your industry. You have employees, accumulated assets, and a concept that should be around for years to come. But now you’re getting divorced, and along with the stresses and emotions that naturally come from watching your relationship falter, you can’t help but wonder if the pre-marital agreement (or prenup) you and your spouse signed all those years ago will do what it’s supposed to do — including protecting your business.
Every divorce is unique, so it’s important to talk to your family law attorney and business attorney to ensure your pre-marital agreement has the correct language and is enforceable. That said, this document is a valuable tool to protect your business if a divorce occurs.
What Can Be Included in a Pre-Marital Agreement?
A pre-marital agreement is a contract between you and your soon-to-be spouse that sets rules on things like property, assets, and certain marital obligations. A postnuptial agreement achieves the same purpose but is slightly different in that it is entered into during the marriage. Perhaps the biggest benefit of both is that by creating one and signing it, potential disputes like the ones above and even a successful business venture can be resolved and potentially avoided entirely if there is ever a divorce.
So, theoretically, you could draft an agreement that outlines how the business will be divided (if at all) if you were to ever divorce. As a result, you can save yourself a lot of sleepless nights worrying about the future of your company and your business interests.
Additional benefits to a pre-marital or postnuptial agreement include:
- Clearly defining “what is yours and what is mine” when it comes to property distribution
- Potentially protecting each spouse from the other’s debt, including determining which debts existed before the marriage
- Making any future legal processes (such as divorce) smoother
- Predetermining certain rights and duties of the potential spouses
- Specifying what happens in the case of death or incapacity
- Determining if money earned by either spouse during the marriage is considered marital money or not
- Improving communication between you and your spouse
- Overall peace of mind
The problem many people run into with these pre- and post-marital agreements is that they assume every scenario is accounted for automatically. And that’s not always the case. This is where consulting with a knowledgeable family law attorney and a business attorney can be important. It is their job to ask the appropriate questions, listen to your concerns, and determine what is most important to you and your spouse regarding your prenup or postnuptial agreements.
If you are worried about whether or not your business interests may be covered in a current or future divorce, please don’t hesitate to call a team member to discuss your unique situation.
Please call Christman | Daniell for your legal needs today!
Looking for family law services in Collin County, Texas? Christman | Daniell is your premier choice. With years of experience and a deep understanding of the legal landscape, our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman | Daniell to provide compassionate and effective representation for all your family law needs throughout Collin County.