How a prenuptial agreement can protect your business

Milwaukee residents who own businesses may have a little hesitancy about getting married. These business owners love their soon-to-be-spouses, of course, but they do not want to risk the health of the businesses they have worked so hard to establish in the event that they are to divorce.

One good way that some business owners choose to ensure the ongoing integrity of their businesses is to seek out a prenuptial agreement before marrying. One family law expert called prenuptial agreements “the most cost-efficient and reliable pre-marital contract that can protect your business in the event of a divorce.”

The primary reason this and other family law insiders hold this opinion is that a prenuptial agreement specifies how property will be distributed in the event of a divorce. In the context of a business, that means you can state in advance that you will maintain ownership of your business and its assets if you and your spouse eventually split.

Of course, this presumes two things: that your prenuptial agreement is valid and enforceable and that it has been specifically customized to you and your unique situation. For this, you will need to identify and work with a family law attorney whom you trust and esteem. Lawyers who specialize in this field are familiar with the ins and outs of this area of law and can make sure that you are getting a prenuptial agreement that works for you.

A good way to find an attorney with whom you would like to work is to ask family members, friends and business associates if they have any recommendations. You can also check with your local bar association.

Source: Forbes, “Protecting Your Business In A Divorce: Pre-Nuptial Agreement,” Evangeline Gomez, Nov. 2, 2011