Phone: 215-649-7395

How does a prenuptial agreement protect a business?

While it may take a Pennsylvania couple some time to accept that their marriage is over and it is time to take the next step of getting the divorce, once the decision is made couples want to get through the motions quickly. No one wants a long drawn out divorce, as it consumes energy and finances. One way couples can plan to avoid the long drawn out process of property division is by entering into a prenuptial agreement at the time of the marriage.

Business owners may benefit even more than others from prenuptial agreements, as it allows them to protect their businesses from getting split during a divorce. Figuring out who gets the company and who has rights to which assets can be difficult and acrimonious to decide, especially if one party had already started up the company before getting married.

When a titled owner is getting married, he or she can establish the value of the property at that time. This way, even if the value gained during the marriage is subject to division, the premarital value can be protected as separate property. A prenuptial agreement also allows the couple to decide how to value the business in event of a divorce and determine who gets what percentage. This can prevent the business from getting divided the same way other marital assets will be.

No one thinks their marriage will end in divorce, but having a plan in place can give couples peace of mind, especially when there is a business and the future and earnings of employees at stake. Dealing with the practical in addition to the romantic can be difficult, which is why consulting an experienced attorney might be beneficial.

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