In the event of a divorce in the state of Texas, all assets are divided equally under community property laws unless you have a prenuptial agreement. A prenup is especially important for business owners who are concerned with protecting their company. In Texas, a prenup will overtake the state law that divides community property equally and allows you to have a say in who gets what if a divorce occurs.
A prenup is a great idea for people who are engaged, but what about those who are already married? Experts recommend entering into what is known as a post-nuptial agreement. A postnup can protect business owners who are already married and who plan to start or already have a business.
A postnup may have benefitted an entrepreneur who founded an online cloth-diaper business after she had been married for three years. When the woman went through a divorce, she was required to pay her former spouse a large lump sum in addition to $15,000 a month in order to buy back her ownership in her own company. This is because the company was considered a joint marital asset. This has no doubt hurt her company because instead of investing money in the company, she has had to use it to pay her spouse.
If you are in the process of starting up a company or already own one and are married, you may wish to speak with a family law attorney about the benefits of entering into a postnup agreement with your spouse.
Source: Entrepreneur, “Why Rupert Murdoch’s Divorce Is a Wakeup Call for Business Owners,” Leah Ingram, June 17, 2013