If you and your partner are starting a business together, it is a good idea to create a legal document that has binding agreements for the business and assets in case something goes wrong. Creating a postnuptial agreement can protect both spouses and the business in the event of divorce. Our New York City family law attorneys can help with drafting a postnuptial agreement, so that you can enjoy your marriage, and the excitement of owning a business together, without having to worry about the “what ifs” in the future.
How a Postnuptial Agreement Can Help
If you and your spouse share responsibilities for your business, or have both invested financially, then a postnuptial agreement can help protect both of your best interests and the best interest of the company. In addition, there are some smart business tactics that can help make sure that a divorce does not devastate your business.
Protect your business by doing the following:
- Create a detailed, written postnuptial agreement that outlines how the business was started, how the responsibilities are shared, and if money is being recouped as the business grows.
- Creating partnerships, shareholders, or operating agreements can protect the interests of both owners should one or both of you choose to leave the business or marriage.
- Pay yourselves separately, and with documentation, so that any investments are returned and accounted for. This way if the business gets dissolved in a divorce, no one person gets a bigger share because of un-recouped money.
- Make sure that any business or marital disputes do not get carried over into one or the other by creating a plan for if there are arguments or issues.
Put It in Writing: Protect Your Business with a Postnuptial Agreement
When you are opening a business with your spouse, there are a myriad of things to consider and plan for. You may be wondering how responsibilities will be divided and how they will integrate with your duties and roles at home. Creating a legal agreement with your spouse can help to relieve some of the stress of the business, by setting into place a specified plan for how the business is divided, who is responsible for what, and how much each of you invested. Luckily, there is no set formula for a postnuptial agreement, so you can be as specific or as broad as you would like. Starting a business will come with inevitable stress—let our team of New York City postnuptial attorneys help you draft a legal agreement with your spouse, so you have one less thing to stress about with your new business!
Schedule an appointment today at (917) 809-7669.