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Why Entrepreneurs Should Consider a Prenup

This is a Guest Post from the King Law Offices in North Carolina.

A prenuptial agreement, very simply, is a contract entered into prior to a marriage or civil union to ensure protection of each spouse’s property and assets in the event of a divorce or dissolution the civil union. Though this is sometimes considered a bad thing to be part of the marriage process, it can be crucial, particularly for business owners and entrepreneurs. A prenuptial agreement generally deals with division of property and assets in the event of a failure in the marriage.

In these cases, a prenuptial agreement becomes highly important for many reasons. Among the first of these is that each spouse will want to come away from the failed marriage with as much property, assets or money that they possibly can. For entrepreneurs, it is important that they keep control of their individual business and if they had not entered into a prenuptial agreement, control of their business could deviate to, or be shared with, the spouse they are divorcing.

In the cases of business owners that have spent their life building their business, it is highly unfair to have to give half of this business up during a divorce. A prenuptial agreement ensures this is divided fairly, possibly determining whether the business survives or fails. Most entrepreneurs will be small business owners; opening their own smaller shop and running it. When going through a divorce, it is vital to have a have a prenup in place, particularly if the business has been in the family for a while. In this case, there may be other things and people to consider than the two individuals going through the divorce.

With so many factors to consider in divorce, having a prenuptial agreement in place can be the saving grace for small business owners. If it is already set out how assets will be divided, the small business owner, entrepreneur or individual does not need to worry about losing their business or having to share ownership. A prenup makes the process easier for everyone involved.

This article is courtesy of King Law Offices of North Carolina.

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