Getting married is such a milestone event that many weeks and months typically go into planning the occasion. However, a failure to prepare for the possibility that a marriage does not work out could put your business interests at risk.
Often, prenuptial agreements are viewed in a negative light and as a sign that couples do not trust one another. Actually, these legal tools frequently facilitate open and honest discussions between couples about sensitive matters. Establishing a prenuptial agreement is one way to protect your business in the event of a divorce.
Business ownership can be established early
Part of the divorce procedure will generally revolve around splitting up a business according to the laws of the state. Having an agreement in place before marriage means that couples already know what stake they have in terms of ownership. Not only can this protect your interests, but it may also prevent lengthy court disputes with verdicts that are out of your hands.
Matters relating to income will be clarified
Income plays a significant factor in determining the level of spousal support or child support that is to be paid. Lengthy conflicts can arise due to disputes over how much income a spouse is actually earning. Having a prenuptial agreement in place means that instructions can be set out as to how a spouse’s income is to be calculated during a divorce. Ultimately, this means that you may not end up having to pay out large sums, which in turn allows you to channel money into continuing to grow your business.
When a marriage breaks down you need to ensure that your business remains protected. Having a firm grasp of your legal rights in Texas could help you make good decisions today that will ensure a more secure future.