You and your future spouse started a business together before you even got married. Maybe you were already romantically involved, or maybe you were just business partners and the relationship evolved over time.
Either way, you’re now getting married and it’s going to become a family business. However, you are wary about the impact that a divorce could have on this business that you’ve built together. You ask your future spouse if you can use a prenuptial agreement. What are some things that could make this agreement invalid in the future?
All assets were not disclosed
First of all, full disclosure of financial assets is required when creating a prenuptial agreement. If this is not done, it could mean that the agreement is fraudulent and won’t actually stand in court.
One person was coerced
The prenup also has to be something that you and your new spouse agree to use together. Neither person can be coerced or forced to sign it. If someone is under duress and being excessively pressured to sign an agreement they don’t agree with, that will mean it doesn’t stand.
Legal steps were skipped
Maybe you didn’t have legal representation when you each signed the prenup. Maybe you never actually filed the paperwork properly, so you essentially just have a handshake agreement or a note written on your computer. A prenup is an official legal process, and it’s very important to take every step to make sure that it is drafted and filed correctly.
Your options moving forward
It’s wise to protect your business from the potential of a divorce. A prenuptial agreement can be an excellent wait to do this. It’s just important that you understand all of your legal options and what will be necessary as you set this up.