I was talking with a new business owner. He just purchased a service station and was so excited about this new venture. He had worked in the business since high school and so was quite sophisticated in business matters at such a young age of 29. He had also met the love of his life on an on-line dating service. Now, his dilemma is he wants to get married but does not want to have his business part of the assets of this new union. Not a problem at all with the use of a Prenuptial Agreement.
A business owner may want to protect his exclusive rights to the business if the marriage fails, as in the case for this business owner, or control the diposition of the buiness after his death, ie. for parents or the child of a prior marriage. For purposes of best practices, the following should always be consider and done:
1. Make sure it is voluntary and not done under duress.
2. Make a fair financial disclosure.
3. Share the proposed agreement well before the wedding and even before the wedding date is set.
4. Demonstrate some fair negotiation if one party clearly is less well off than the other.
5. Each party should have their own counsel even if one has to pay for the others.
6. Fairness should be demonstrated in the process when their is an economically weaker party.
Contact us for all your probate, guardianship, estate planning, business succession planning and prenuptial agreement needs at www.ythlaw.com.