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Own a Business, Better Sign a Pre-Nup

Posted by Elise Buie | Nov 01, 2016 | 0 Comments

A prenuptial agreement is a contract entered into by a couple before marriage. The prenup spells out the property rights of one or both of the parties involved in the case of death or divorce. When you are setting up your business, you may not be considering how your marriage will impact it, but a divorce can cripple your business.

First, there is the capital. Because Washington is a community property state, if you start your business with 1 million is capital but grow it to 2 million by the time of your divorce, your ex is entitled to 50 percent (that million dollars you spent all your time growing).

Then there are the liabilities, you could get 50 percent of those as well. This means if your ex goes out on a spending spree before your divorce occurs, those creditors could potentially come after your business assets to settle the debt.

Prenups can help to protect your business as separate property, but also protect your future spouse. If you are a partner in a business, for example, you may need a prenuptial agreement to safeguard your future spouse from accidentally becoming a partner upon your death.

Each prenuptial agreement is unique and made to fit your particular situation and business.

For assistance establishing a prenuptial agreement speak with one of our Washington State Family Law Attorneys at Elise Buie Family Law Group, PLLC.  We provide free consultations to help get you started with planning your prenup today. 

About the Author

Elise Buie

Passionate, creative, problem-solving attorney who crafts solutions rather than obstacles. Elise spends significant time educating her clients on healthy communication skills. Elise also ensures that her clients make informed decisions by understanding the future emotional and financial implications of their decisions. Your family's future is our first priority. Elise teaches her clients new skills to empower them in the future as they adjust to the new family structure. While divorce ends a marriage, it is the beginning of your new, often times, more authentic life. Elise will help you begin that new life with new skills to handle any future challenges.

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At Elise Buie Family Law Group, PLLC, we represent clients from Seattle and Bellevue, Washington, and the surrounding region, including all of King County and the cities of Redmond, Kirkland, Bellevue, Edmonds, Issaquah, Kenmore, Kent, Federal Way, Shoreline, Des Moines, Bainbridge Island, Vashon, Auburn, Renton and Puyallup. We love working with clients from Seattle's unique, eclectic neighborhoods: West Seattle, Fremont, Ballard, Madrona, Queen Anne, Greenwood, Ravenna, Maple Leaf, Wedgewood, View Ridge, Laurelhurst, Windermere, Madison Park, Magnolia, South Lake Union, Capitol Hill, Broadmoor, Phinney Ridge, Crown Hill, Yarrow Point and Mercer Island.

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Elise Buie Family Law Group

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Elise Buie Family Law Group PLLC
1001 Fourth Avenue, 44th Floor   Seattle, WA 98154

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