If you are a small business owner getting married in Illinois, you may be so excited and overwhelmed at the prospect of the upcoming wedding and your new life with your partner that you may be neglecting to remember another major part of your life: Your business ownership.
While it may be difficult to imagine your relationship ever going sour, the statistics on divorce speak for themselves. Many business owners have lost all or part of their business in a divorce, effectively flushing years of hard work and personal investment down the drain. While your relationship may always be happy and successful, a prenuptial agreement that protects your business from marital property division is always a good idea. In the best-case scenario, it will sit at the back of a drawer and never be seen again. In the worst-case scenario, it can make the difference between allowing your business to continue thriving and losing everything you have. Here are three ways a prenuptial agreement can help you protect your small business.
Prenuptial Agreements and Small Businesses
While prenuptial agreements cannot regulate interpersonal matters like intimacy or child custody schedules, they are excellent instruments for managing financial matters. A great prenup can help you protect your business in the event of a divorce in many ways, including:...