When your significant other pops the question, I am sure you will be on cloud nine. But after the euphoria begins to ease, you’ll realize just how much there is to do before your wedding.
Of course, there are all the usual wedding to-dos. But if you are a business owner, there are other things to consider as well.
Despite the hustle and bustle involved, getting married is a happy and exciting time. The last thing you want to think about as you are preparing for the wedding is anything involving your business or a possible divorce. However, you do need to protect your business when getting married to ensure a secure future no matter what it holds.
Have Your Business In Your Name Only
It may sound callous, but you should consider the possibility of keeping your business completely separate from your upcoming marriage. You can do this by not adding your future spouse’s name to anything concerning your business. If you attach your fiancé’s name anywhere, you could be giving up part of your business if you should get divorced.
Hire Legal Help
Because so many marriages do end in divorce, there are some things you should know if you have a thriving business before you tie the knot.
For example, if you get divorced, a division of assets could mean you have to give up a portion of your business. When the distribution of property begins, you may hear legal terms such as separate property and marital property. But the meaning of each can be different depending on the state you reside in.
Some states will recognize the business as being solely yours. This can be true if you started it and owned it by yourself before getting married. Others may say it is equal marital property and should be split 50/50.
If you want protections in place before you slip the ring on your finger, hire a lawyer and get those protections set up. It will take some time and money to do so. But, the costs of the protections you put in place could be minimal compared to losing part of your business if you end up divorcing later.
Prenuptial Agreement
One of the things you might end up putting into place as a protection for your business is a prenuptial agreement. Once again, hiring a lawyer would be helpful. An attorney can help you to make sure there are no loopholes that could cause you to lose the business you have worked so hard to build.
Of course, there are also postnuptial agreements you could put into place after you are married. But, some of these do not hold up in the case of divorce. So, it’s best to get an agreement in place before you tie the knot.
These are just a few of the protections you should consider to protect your business when getting married. In the best case scenario, you will take the time to put protections in place for your business and never need them. But it’s better to be safe than sorry.
