Your New Business Partner Is Your Partner's Ex-Spouse
DBR Business Review has a recent article on the subject of Prenups in the business setting. The long and short of it is that you may some day find yourself in business with your business partner's ex-spouse, either thru the death or divorce of that partner:
"Divorce is unfortunately a foreseeable event in the United States (approximately 40 to 50 percent of married couples divorce). Mental illness and mental incapacity are also commonplace, especially for aging business owners entering the latter stages of their life. As we all know, death is a certainty.
Business owners can address a potential divorcee spouse with a prenuptial agreement before the marriage or a postnuptial agreement if they do not have a prenuptial agreement or it does not adequately protect the partner's business interests. Business co-owners should have ownership agreements that require each owner to provide the company with a prenuptial/postnuptial agreement along with a waiver of the owner's spouse of any future interest in the ownership or control of the business."
The full article is here.
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