Got a Business? Get a Prenup

If you don’t work out how to handle your assets ahead of time, a divorce could devastate your company. Business owners look forward to “prenups”–whether with a spouse or a business partner–with about as much eagerness as a rectal exam. Sure, it’s necessary, but it’s often unpleasant and something you’d rather skip. Some people do– avoiding the doctor for that reason. But those exams can uncover serious health situations that, if left untreated, could wreak terrible damage. Same goes for not having a prenuptial agreement. If there’s a divorce and you haven’t worked out how to handle your assets, the damage inflicted on your company could be devastating. What, Exactly, Is a “Prenup”? Essentially, a prenuptial agreement (“prenup”) is a contract between prospective spouses that addresses how the financial aspects between them will be handled in the event of a divorce. All 50 states recognize prenuptial agreements. Some states honor “domestic partnership agreements” between unmarried people that cover similar issues. Your company will be among the most important financial assets you’ll want to address. Why…