How a prenuptial agreement can protect your business
On behalf of
Getting married can be one of the many highlights of your life, especially if you are marrying your business partner. As you prepare to walk down the aisle, you may have many details you hope to finish in order to make your day as perfect as possible. While you may want to only focus on the bright and positive aspects of your choice to wed, other less exciting legal details may also need to be addressed.
What should you do if your future spouse broaches the topic of a prenuptial agreement? Initially, you may feel shocked and confused as to why he or she would bring up a document which contemplates divorce. However, you may want to take the time to consider the request as it could prove beneficial for both of you, especially if you have a business together that you want to protect.
Have an open discussion
Though it may seem awkward to discuss at first, listening to your business partner and future spouse’s views and desires on the topic of a prenuptial agreement may allow you to show your support. By understanding why he or she wants the agreement, you may also come to realize that you find it useful as well, and that you both stand to gain (or lose) in this dual partnership. This discussion could also allow you both to disclose financial matters and other issues that you may need to know before marrying—financial matters that may not have come up as business partners, but are now relevant since you are romantic partners, too. If you are not involved in a business together, the disclosures are always helpful to understand each other’s assets and debts.
Though the idea of creating a prenup may have you feeling hurt at first, you probably will want to keep your emotions in check as best as possible and try to keep your “business hat” on. If you become upset over every suggested term, you may find yourself creating more difficulty than necessary. By taking the logical approach to creating the document, you may have a better chance of ensuring that you end up with the terms you want as well as satisfying your partner.
Think through your choices
When faced with a situation that makes you uncomfortable, you may wish to simply get through it as quickly as possible. However, if you do not take the time to think through the choices you make and the terms that your future spouse presents to you, you may end up with a negative outcome that can hurt your marriage and your livelihood, too. Instead, you should focus on your desires and work to understand how a prenup will give you a sense of security and a plan for the future in the event that you need it. Consulting a lawyer is very important to understand how your state treats property division and prenuptial agreements.
Obtain your own legal counsel
Because you both will want to ensure that the prenuptial agreement works for each side, it may prove wise for you each to have your own legal counsel; in fact there is law which supports this. This way, you each have an outside party who could work as an advocate to ensure that you each reach a satisfying outcome. Counsel who focuses on assisting high-income or high-asset clients can best advise you on this venture.