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Protecting your business with a prenuptial agreement

You might not be thinking about it now but your business could become a focal point of your divorce. Never thought you'd get divorced? That's a common sentiment by millions of people who file each year across the country.

Even just the thought of a potential divorce causes people to create a prenuptial agreement prior to getting married in Philadelphia. They do so in the hopes they never have to use it but know that it's there to protect them at the same time.

You might have created your business prior to exchanging wedding vows. Despite this, it's possible for your spouse to claim half of your business in a divorce. On the other side of things, the debts of your business could also be divided in the divorce, which doesn't seem fair to your spouse, does it?

If you truly want to keep the business as separate property, you need to make sure that your spouse does not contribute anything to the business. This includes contributing time or money to the business. If this occurs, the prenuptial agreement could become invalid and not protect the business. The same can be said if there are marital finances involved in the business.

If you are not the only person who owns the business be sure that your co-owners also sign the prenuptial agreement with you and your spouse.

Have you recently proposed to your significant other? If so, congratulations. Now it's time to really prepare for the marriage. Do so by speaking with your fiance about signing a prenuptial agreement. It protects both of you in the event that the marriage doesn't pan out and ends in divorce.

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