A prenuptial agreement can be a powerful vehicle to protect your business or commercial interests, especially if much of their value has been accrued prior to your marriage. Thinking about some of the following issues ahead of your union and writing those into an official agreement could be a good idea, even if divorce or separation is the furthest thing from your mind. An effective prenuptial agreement could protect your hard-earned assets should the unthinkable happen down the road.
Understand Your Goals Ahead of Time
Take the time to work with a qualified prenuptial agreement attorney to assess your goals before entering into a marriage. Do you want to keep full ownership of your business? Do you want to set aside anything now for potential children and heirs down the road? These are just a few of many questions to consider.
Establishing Your Business Value Before Marriage
One of the first things you should do is establish how much your business and commercial assets are worth. Having an understanding of the value of what you need to protect could help you determine the best prenuptial arrangement for you and your spouse. This is particularly important because, in the event of a divorce, the court may look to the prenuptial to establish the premarital value of the business.
Set a Percentage of Business Value Entitlement For Your Spouse
Determining a percentage ahead of time can prevent your spouse from potentially taking half of the value of the business during a divorce proceeding. This is especially important in Ohio where marital property and assets are typically divided 50/50 unless specially called out as obtained by one spouse prior to the marriage
This is by no means an exhaustive list of things for business owners to think about, but it should get you thinking about all of the different situations and circumstances that could affect the value and retaining rights of the business you’ve worked hard to build. The team at Garretson & Holcomb can help you understand the best options for a prenuptial agreement as it pertains to Ohio law. Call us today at (513) 863-6600 to learn more.