A prenuptial agreement could be the answer you’re looking for to protect yourself if you’re a female entrepreneur. It’s always wise to look into ways you can protect yourself before you get married. If you don’t, then you could find it extremely difficult to do so if your marriage should later end in divorce.
When you get married, any property that you obtain or share during the marriage becomes marital property. Just like a new car or house, your business falls into that category of assets. Your spouse gets certain property rights due your marriage, which could be good while you’re married but potentially ruin you upon divorce.
In a prenuptial agreement, you can designate which property you want to stay separate in the marriage. You can write a prenup that protects your business as separate property. Your attorney can help you do this so that you don’t have to worry about what could happen to your business and all the hard work you put into it if you end up having to go through a divorce.
If you’re already married, you may want to consider drawing up a postnuptial agreement or creating a specific document for the business detailing what happens to the asset in the case of a partner’s divorce or in the case that he or she leaves the company.
There are many reasons to look into prenuptial and postnuptial agreements, and protecting your business is just one. Your attorney can explain how to protect your business and other interests so that you can focus on other important parts of your life.
Source: Forbes, “Why a Prenup May Be A Woman Entrepreneur’s New Best Friend,” Jenny Odegard, accessed May 29, 2018
