After risking everything to form a successful business, many young Texas entrepreneurs feel equipped to handle any legal matter. However, when divorce becomes imminent, young businesspeople often end up struggling to protect what they worked so hard to create.
In most cases, a simple legal document can prevent asset disputes in divorce, especially for those who started their before marrying. Creating a prenuptial agreement empowers you to protect many assets upon divorce.
How a prenup can prevent property and other asset disputes
Texas prenuptial agreement laws are relatively easy to understand. For example, the law allows you and your spouse to establish your property rights and obligations. If your marriage ends in divorce, a prenuptial agreement can prevent many disputes over such property.
Not many people know that a prenup can help young entrepreneurs protect their company in the following ways:
- Ideas: Many entrepreneurial ideas that start in your mind grow into business assets that you can protect with a prenup.
- Ventures: When you have established one or more business ventures before marrying, a prenuptial agreement protects them during property division.
- Property: You can protect most forms of intellectual property such as inventions, graphic artwork, logos and even trade secrets in your prenup.
Often, creating a prenuptial agreement feels like you are planning for your marriage to fail. However, these documents are finally becoming recognized more as a tool for success rather than failure. For example, having a prenup in place removes much of the financial conflict couples experience in marriage.
To determine if a prenuptial agreement can help your marriage and your business, consider learning more about divorce and asset protection in Texas.