Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.
Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

CALL US TODAY: 646-355-1648

Innovative Solutions To Complex Legal Concerns
  1. Home
  2.  | 
  3. Divorce
  4.  | A prenuptial agreement can be a lifesaver amid a high-asset divorce

A prenuptial agreement can be a lifesaver amid a high-asset divorce

| Sep 25, 2020 | Divorce

It goes without saying that no couple ever gets married with the end in mind. Divorce is not a topic that soon-to-be spouses usually want to discuss. However, for business owners in New York, it may be helpful to consider the possibility of a marital breakup before tying the knot. In the event of a high-asset divorce, a prenuptial agreement can be a lifesaver.

Essentially, a prenuptial agreement is a contract between soon-to-be spouses that details how assets and liabilities are to be divided should a marriage dissolve. For business owners, this is vitally important. A prenuptial agreement can establish if the business is considered marital property and, if a divorce happens, how the assets of the business will be distributed.

A prenup can help protect a business by detailing:

  • How much the business is worth at the time of the marriage and the value of the business at the time of divorce
  • What percentage, if any, of the business the spouse would be entitled to.
  • If spouses will share profits or losses from the business
  • If spouses are business partners, which spouse would buy the other out

Every prenuptial agreement is different and can be tailored to address individual concerns. Once a prenup is signed and complete, it can provide a spouse with much-needed peace of mind knowing that his or her livelihood is protected.

Prenuptial agreements are something every business owner should consider before walking down the aisle. Although it may be a delicate subject to discuss with a future husband or wife, a prenuptial agreement can play a crucial role in maintaining a business amid a high-asset divorce. Individuals in New York who have questions about divorce may want to consider discussions with a legal representative. A seasoned attorney can provide clarity and help an individual protect his or her assets.

Archives