As a Florida business owner, a divorce can bring about significant financial changes and the threat of losing valuable business-related assets. In order to prevent stressful litigation and the potential for financial loss in the event a marriage ends, savvy business owners find it beneficial to draft prenuptial agreements before walking down the aisle. These documents can clearly outline how property division will work, allowing a person to protect his or her interests.
Many people refrain from drafting a prenuptial agreement because it seems like an unromantic thing to do. However, it is a smart way to plan for contingencies in the future. In a prenuptial agreement, a business owner can provide that the business is separate property, eliminating the need to argue over business assets in a divorce.
Through this type of contract, a business owner can limit his or her spouse’s claim to a share of the increased value of a business. In the event that the two parties share ownership of the business, it is possible to outline how they would want to divide business assets. They can also choose to outline if and how one partner can buy out the other if the marriage ends.
Business assets are some of the most hotly contested assets in a divorce, but prenuptial agreements can take away much of the need to fight over this specific type of property. Even if it is unlikely a marriage will end, it is beneficial to have protections in place. It is prudent to work with an experienced Florida family law attorney when drafting this type of contract in order to ensure it is enforceable and complete.