Whenever an individual owns a business, they will do all that they can to protect it from outlying threats in an effort to find success. Individuals who own businesses and are thinking about getting married, or already are married, may want to think about how they can protect their business from suffering in the event of a divorce. Of course, before a marriage begins, no one wants to think about divorce but as a business owner, you are simply doing what you have to to protect what you have worked so hard for. One way that individuals who are thinking about getting married or already are married can protect their businesses is through a pre or post-nuptial agreement. Prenuptial agreements are for individuals who are not yet married and postnuptial agreements are exactly the same thing but simply occur after the couple is married.
Another common scenario that individuals may want to consider for the protection of their business is that if the couple owns the business jointly, they should consider drafting a shareholder agreement. Shareholder agreements can document each spouse’s interest in the company so that if divorce ever does happen down the road, the process is much easier to handle. This way, couples have the opportunity to focus on other matters of their divorce and not go through a grueling battle of valuation, which may cause further legal problems.
If you require experienced legal representation for any of your divorce and family law matters, contact the Law Offices of Mark S. Paige, P.C. today to schedule a consultation.