{"id":990,"date":"2018-08-22T10:17:26","date_gmt":"2018-08-22T17:17:26","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=990"},"modified":"2023-07-21T21:33:06","modified_gmt":"2023-07-21T21:33:06","slug":"prenuptial-agreements-for-small-business-owners","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/prenuptial-agreements-for-small-business-owners\/","title":{"rendered":"Prenuptial agreements for small business owners"},"content":{"rendered":"<p>According to the United States Census Bureau, 90% of American businesses are family owned. While this is a wonderful statistic for the nation\u2019s economy, it can play a difficult role in a marriage. Many people enter marriage with optimism and dreams, but if those dreams turn sour, your business is safer if you put a <a href=\"https:\/\/ogbornelaw.com\/what-you-need-to-know-about-a-prenuptial-agreement\/\" target=\"_blank\" rel=\"noopener noreferrer\">prenuptial agreement<\/a> into place before the wedding.<\/p>\n<p>Take, for example,\u00a0Bradley Smith. He is a third-generation owner of several hardware stores in his region. The stores do incredibly well due to the city\u2019s campaign to \u201cshop local.\u201d With the history, growth, and continued success, Bradley knew he had to ask his future bride, Amy, to sign a prenup.<\/p>\n<p>The only hit the company had taken in the past was when his brother\u2019s wife filed for divorce. She\u00a0<a href=\"https:\/\/ogbornelaw.com\/business-community-property-need-know\/\" target=\"_blank\" rel=\"noopener noreferrer\">worked for the business<\/a>\u00a0and it made their finances difficult to divide. In the end, without a clear prenuptial agreement\u00a0protecting the business, the company ended up paying the ex-wife a settlement. Bradley wants to make sure the same thing doesn\u2019t happen in the unfortunate event of a divorce.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/prenuptial-agreements-for-small-business-owners\/#Can_a_Business_be_Split_Without_a_Prenup\" >Can a Business be Split Without a Prenup?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/prenuptial-agreements-for-small-business-owners\/#Safeguarding_Your_Business\" >Safeguarding Your Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/prenuptial-agreements-for-small-business-owners\/#Prenuptial_Agreement_Assistance\" >Prenuptial Agreement Assistance<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Can_a_Business_be_Split_Without_a_Prenup\"><\/span>Can a Business be Split Without a Prenup?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You may be wondering, <em>what would happen to my business if I didn\u2019t get a prenuptial agreement? <\/em>Here is a brief look at some potential issues:<\/p>\n<ul>\n<li><strong>Your business could be cut in half.<\/strong> If your spouse works with you, or becomes a \u201cpartner,\u201d even if it isn\u2019t official, you may end up having to split your business during the divorce.<\/li>\n<li><strong>You may have to buy out your spouse.<\/strong> If your spouse helps with or partners in the business, you may end up having to buy them out to retain it, even if you were the one that started it.<\/li>\n<li><strong>You may spend more on the divorce.<\/strong>\u00a0If\u00a0<em>who did what\u00a0<\/em>isn&#8217;t clear, you may spend more time and money clearing up things. This may require forensic accountants and other professionals.<\/li>\n<li><strong>You may owe contributions. <\/strong>Did your spouse give money or labor in any sense? Did you receive more shares during your marriage? Over time, this may end up costing you.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Safeguarding_Your_Business\"><\/span>Safeguarding Your Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A prenuptial agreement can help\u00a0<a href=\"https:\/\/ogbornelaw.com\/why-a-prenup-may-be-an-entrepreneurs-new-best-friend\/\" target=\"_blank\" rel=\"noopener noreferrer\">safeguard your business<\/a> on multiple levels. It can specify who will continue to run it in the event of a divorce. It can also identify\u00a0what business interests your spouse can claim.<\/p>\n<p>Even if you don&#8217;t foresee divorce, clearly spelling out who came into a marriage with what can be beneficial. It gives you and your spouse an opportunity the communicate and look out for each other. As time goes on, you can adapt or change anything as long as both partners agree to the revisions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Prenuptial_Agreement_Assistance\"><\/span>Prenuptial Agreement Assistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A prenuptial agreement may not feel like an ideal task to complete before marriage. However, two partners that love and trust each other will be able to have open discussions to sort through their assets and liabilities. <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">Contact Ogborne Law<\/a> to discuss a prenup today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you wondering what could happen to your business in the event of a divorce? A prenuptial agreement can help protect your business.<\/p>\n","protected":false},"author":3,"featured_media":11463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45,44],"tags":[],"class_list":["post-990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-prenups","category-45","category-44","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prenuptial agreements for small business owners - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"Are you wondering what could happen to your business in the event of a divorce? 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