Atlanta Attorneys for Business Ownership and Distribution in Prenuptial Agreements
Our wedding day is usually one of the happiest days of our lives as we celebrate love together with our family and friends. The last thing on our mind as we stand at the altar is wondering if, when, or how the marriage might end. It is true that love is often blind, and early in our matrimonial relationship, we may believe that the relationship will always be just the way it is today.
Because of this, we may not even give a second thought to whether or not we need a prenuptial agreement, or “prenup,” for short. There is sometimes a stigma surrounding prenups with an assumption that it’s rude or selfish to even ask for one. That said, in many cases, a prenup turns out to be the best decision made at the beginning of the marriage. Unfortunately, the need for a prenup is often not discovered until long after the wedding vows have been made.
If you are getting married soon, you owe it to yourself and your fiancée to consider whether a prenup is right for you. Contact the Atlanta prenuptial agreement attorneys of Kessler & Solomiany, LLC today at (404) 688-8810 to speak with one of our attorneys about your upcoming marriage. We can provide an overview of your options and help guide you toward the best choice for your situation.
Do I Need a Prenuptial Agreement?
If you are getting married in Georgia, you need to be aware of how marital property is distributed in a divorce. The court will split property equitably at its discretion, and this does not necessarily mean that it will be divided equally. By having a prenup in place, you can clearly define which assets will be considered separate property and which assets will be marital property. This means that in the event of a divorce, the details of the division of the property listed in the prenup will not be an issue. A prenup can also dictate how matters such as spousal support will be handled.
All couples can benefit from a prenup, and it’s a myth that only people with a high net worth need one. A prenup can be especially valuable in situations where one partner has significant assets or wealth, if there is a substantial difference in income between partners, if one partner has substantial debt, or if the marriage involves business ownership.
How Does a Prenuptial Agreement Affect Business Ownership and Distribution?
In a divorce in Georgia without a prenup, a business owned by one or both spouses may be considered by the court to be marital property. In such a case, the division of business assets can quickly get complicated. Items considered in determining the division may include the value of the business, each partner’s role in developing the business, the value of any shared assets, and whether the business was funded by income from either spouse. This means that even if the business was solely founded, developed, and funded by one spouse, the business could still be considered marital property at the court’s discretion.
It gets even more complex when it comes to determining the value of the business. Often a business owner may run “personal” expenses through the business for items such as vehicles, travel and entertainment, retirement plans, or country club dues. Other considerations in valuing the business may include potential reductions for factors such as market discounts or liquidity discounts. If the business is owned by one spouse, this spouse may seek to devalue the business, while the other spouse may seek to inflate the value of the business.
For these reasons, a prenuptial agreement is critical if one of you currently owns a business or if you plan to go into business together after your marriage. For example, a prenup may include buy-sell agreements so that one partner can buy out the other partner’s ownership in the case of a divorce. This would ensure that if the marriage ends, the business would be owned by one partner. A divorce is often painful, frustrating, emotional, and exhausting, and a prenup can help shield the business from this challenging experience by keeping it in the hands of one partner.
If you are a business owner, you want to protect your business. A prenup allows you to decide today how the business ownership and distribution would be handled in the event of a divorce. This includes details like how investments are treated, how much of the business profits each spouse is entitled to, and how business assets are divided. Without a prenup, you will be subject to the court’s decisions, no matter how you feel about those decisions.
Regardless of how you outline the disposition of your business in a prenup, it is crucial that you maintain accurate and detailed financial records. This will help protect your business if it comes time to determine whether any separate assets were involved in the business’s finances.
Why Choose Kessler & Solomiany, LLC?
We exist to serve the people of Atlanta and the surrounding areas. We understand the needs of the communities where we live and work. Our goal is to set you up for a long and successful marriage, and our hope is that you will never need your prenuptial agreement.
Our focus for over 30 years has been family law, including divorce, child support, custody, paternity, and prenuptial agreements. We know how to make sure that your property is protected so that you can focus on what matters most. Our satisfied prior clients tell our story best and are the reason why we do what we do. We have provided legal representation in many high-profile cases, and we are experienced in accommodating the unique considerations inherent in such situations.
Call us today at (404) 688-8810 to discuss how a prenuptial agreement may be right for your upcoming marriage. We will be glad to answer any questions you may have, and a member of the Kessler & Solomiany, LLC legal team is ready to speak with you today. Let us put your mind at ease with your assets and property protected so you can enjoy your wedding day to the fullest.