The marital dissolution process can understandably be overwhelming both emotionally and financially for any individual. However, a business owner divorce can be especially stressful due to the high-value assets that are likely involved. In light of this, it may behoove any business owner in Texas to draft a prenuptial agreement before getting married.
According to research, the quantity of people developing prenuptial agreements, or prenups, is on the rise. These agreements essentially explain how two people who are planning to get married would like to deal with their assets in the event that they end up getting divorced. For example, they can list what their separate property and liabilities are so that these assets and debts do not have to be split in a divorce situation.
As a general rule of thumb, a business person may want to list his or her company as a separate asset in a prenup prior to getting married. If he or she fails to do this, a family law court will view the business as marital property. In other words, it will need to be divided in an equitable manner during a divorce proceeding.
An attorney in Texas can help with the process of creating a prenuptial agreement that will protect an entrepreneur during a potential business owner’s divorce. In addition, for those who are already getting divorced and lack a prenuptial agreement, an attorney can still help them to pursue a fair and comprehensive agreement outside of court. The attorney’s ultimate goal in either situation is to ensure that the client’s rights are protected in both the short-term and the long-term.
