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Business Owners, Just Say Yes to PrenupsMany couples thought it was a good idea at the time to go into business together, but many couples make questionable decisions in the glory of the moment. Then, when divorce moves in to ruin many other things than just the marriage certificate, they look at their business and say, “What now?”

Well, if the couple had made room in consideration of all the possibilities, then they have probably made prenuptial agreements and other provisions protecting their business in the event of a divorce. But who wants to think about the possible demise of their marriage? It’s safe to say the answer is no one, but think about the possibilities they must.

I Do…For Now

Prenuptial agreements may not say, ” I love you unconditionally,” but neither does a bouquet from an online floral company, so lets get real. A prenuptial agreement is an opener and a closer all within the same document; it outlines the nasty little details of joining in marital union, and it makes the whole situation easier if the marital union dissolves.

Where romantic business owners are concerned, prenuptial agreements are the most beautiful thing in the world (besides their beloved of course) because they protect the business. I’m sure no one doubts this, but divorce is a nasty, messy, draining business that can inadvertently find a way to take down the spouse’s. So you see, it’s never wrong to protect the very thing you put so much work into.

If there is a prenuptial agreement, and a business owner finds they have to actually rely on it, then at least they have one less thing to cry themselves to sleep over at night.

When You Wish Time Travel Existed

It is possible to complete a post-nuptial agreement, which is essentially a late prenuptial agreement, but that might not go over very well.

On the off chance you didn’t deem a prenuptial agreement was necessary, and you are starting to wish you weren’t such a romantic louse, there might still be a chance for you. If the business is owned separately, meaning only your name appears as the owner of the business, then you just might be able to salvage your business in a divorce.

However, if your spouse contributed to your business monetarily, or contributed labor and time to the business, then your spouse has a reasonable chance of retaining some of the value of the business.

More About Prenups

Prenuptial agreements have a wonderful way of keeping things straightforward and uncomplicated. For example, prenups outline strict ownership guidelines about the business and the profits made from the business.

Say your business was making $100,000 annually before you got married; then, after your marriage, your business made more money annually. The appreciation (or the increased value of your business) might be split with your spouse in a divorce. A prenuptial agreement could drafted to prohibit this.

There are many other things to consider when entering a marriage, but for business owners the union of marriage brings more elements to worry about. Prenuptial agreements have a bad reputation, but if you can look past the stereotype and if your spouse can too, it will put your mind at ease. So take our advice: If you’re a business owner, and you’re getting married, get a prenuptial agreement. You may or may not find yourself filing for divorce in the future, so be safe rather than sorry.

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