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Protect your business with a prenuptial agreement

| Aug 12, 2020 | Blog, Divorce |

If you get divorced in Kentucky, a court could divide the marital estate based on equitable distribution factors. The marital estate would end up including the business that you had before the marriage if you do not do anything to protect it. In order to avoid this situation, you should sign a prenuptial agreement before the marriage.

How a Prenuptial Agreement Protects You

The prenuptial agreement will set out ahead of time what happens to your business in the event that the marriage ends in divorce. It could state that you get to keep the business in its entirety or give a certain percentage to your spouse. It could also state how the business will be run during the marriage and the role of your future spouse. Your business could gain or lose value during the marriage. Without a prenuptial agreement, the gain in value could also be subject to division during a divorce.

More Couples Are Signing Prenuptial Agreements

Prenuptial agreements are understandably becoming a more common solution. In the past, many spouses would recoil at the mention of the topic because they did not want to talk about anything connected to divorce before they were even married. Prenuptial agreements are now more accepted as people recognize the need to protect what they have built. This is a difficult topic to raise and discuss. However, there are real benefits to having this discussion.

In order to start the process of a prenuptial agreement, you would visit a divorce lawyer. This attorney would know how assets are likely to be divided in the event of a divorce so they can give you advice on how to use an agreement to protect yourself. Prenuptial agreements may not always be enforceable if one party overreaches. Thus, professional assistance is needed to devise an agreement that works for both parties and can hold up in court if it is challenged.

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