While many divorces in North Carolina can be difficult, the challenges may be even greater for business owners who lack an adequate prenuptial agreement. Although it’s understandable that entrepreneurs are often more focused on handling their operations than planning for the hypothetical end of a future marriage, it’s worth considering how much important assets could be subject to distribution in the event of a divorce.
One of the most important means of safeguarding a business is to ensure that it remains separate property. Since prenuptial agreements often seek to classify a couple’s separate and marital property in advance, making it clear from the beginning can greatly simplify the property division process if the marriage ends. To aid in this endeavor, it helps to maintain accurate and updated records of all business transactions during the course of the marriage to verify that there was little intermixing of a couple’s resources.
In cases where couples who are planning on getting married do in fact jointly own business assets, it might be a good idea to have a prenuptial agreement that stipulates the nature of this arrangement. For instance, couples may wish to make clear who owns what in the business and whether certain assets may be separated without the consent of other partners. Couples may also wish to take a close look at one another’s personal debt and decide in advance how much of it they’d be willing to allow to be subject to division.
The end of a marriage for couples who own valuable assets can often become complicated affairs. In such circumstances, it may be necessary for a divorcing spouse to have the assistance of an attorney who can assist in negotiating a property division settlement if there is no existing prenuptial agreement.