Texas couples who are considering marriage typically have an abundance of planning to do before the wedding. Those who own a business or share in a business might want to do some extra planning before saying “I do.” Because so many marriages these days unfortunately end in divorce, deciding how to separate assets before marriage can be helpful later. One way to insure this is to sign a prenuptial agreement.
When creating a prenuptial agreement, couples must fully disclose their finances to each other. This includes any assets, property, or debts one might hold. The conditions of the agreement depend on what the couple decides is best for them. Some use it to safeguard themselves against having to pay a future spouse’s debts, while others use it to protect whatever financial wealth they have established prior to the marriage.
As for business owners, a prenuptial agreement can insure that in the event of a divorce, the business remains within the family. The agreement can specifically indicate how shares of the business are divided among spouses and children. This eliminates the possibility of a spouse taking control of shares when a divorce occurs.
No couple wants to think about the possibility of divorce before they get married. While some couples do not feel that a prenuptial agreement is necessary, these agreements can be beneficial to business owners entering into a marriage. Speaking with a Texas family law attorney can help couples better understand why a prenuptial agreement may be a valuable tool in protecting their interests in the future.
Source: macon.com, “Prenuptial agreement can help protect shares in a family business”, Jan Flynn, Accessed on Feb. 19, 2017