Leavitt Law Firm Leavitt Law Firm
702-996-6052

Why Every Business Owner Should Get A Prenup

business owners

As a business owner, getting a prenup before marriage is not just a good idea but crucial. A prenup can protect your pre-marriage business from becoming community property in case of divorce. Without a prenup, any appreciation in your business's value during the marriage may become community property in Nevada, meaning your spouse could be entitled to a share of your business. This could threaten your business's future or force you to sell it to pay for the divorce settlement.

Moreover, valuing a business during a divorce is both expensive and intrusive. The court may require a business valuation, which can involve scrutinizing your company's finances and even interviewing employees or business partners. This type of investigation can create unnecessary stress and conflict for everyone involved in the business.

Additionally, if you are the breadwinner in your marriage, the judge may require you to pay for some or all of your spouse's attorney's fees during the divorce proceedings. This can further strain your finances and put your business at risk.

A prenup can also outline what will happen to your business in case of your death. For example, if you have children from a prior relationship, a prenup can ensure that your assets, including your business, will go to your children and not your spouse or their children. A prenup is especially important in blended families where inheritances and ownership can become complex.

In summary, if you own a business, get a prenup. A prenup can help safeguard your business and financial future. It can also minimize the potential conflicts and stress of a divorce. With a prenup, you can focus on growing your business and building your future with peace of mind. It is best to consult with a qualified attorney who can guide you through the process of drafting a prenup that meets your specific needs and protects your interests.

Categories: 
Related Posts
  • Tips For Approaching Your Fiance About A Prenup Read More
  • Prenups Simplify Marital Finances Read More
  • How A Prenup Can Help Prevent Divorce Later Read More