Arab, Alabama Asset Protection Law Firm
Prenuptial Agreement Lawyer
The best way to ensure that your interests are protected in the event of a divorce is to implement a prenuptial agreement prior to the marriage. If executed after the marriage, a post-nuptial agreement provides the same protection. Both are fully enforceable if properly drafted in such a way that they do not violate public policy. For a prenuptial agreement to be valid, there must be full disclosure of all assets. The agreement can be the best way to protect non-marital property owned by either spouse prior to the marriage, to dictate how “after-acquired” property should be distributed, and to protect the rights of children from a previous marriage. A prenuptial agreement can also address spousal maintenance and alimony.
If there is a family business, the agreement may be the best way to safeguard family interests in the business. Without a prenuptial agreement, the business, though started and owned by one spouse, may be divided depending on the length of the marriage and the spouse’s contribution to the business.With a prenuptial agreement, the business interest of one party can be preserved, overriding Alabama’s equitable distribution laws. The business interest should be properly valued at the time the agreement is entered into. There are a number of methods that may be used, but an appraisal is generally required.
If a prenuptial agreement is not feasible or desirable, a spouse’s interest in a partnership, limited liability company or corporation can be preserved by including properly-drafted restrictions on transferability as part of the Company’s internal documentation. Examples of the types of agreements that should be considered are buy-sell agreements, shareholder agreements, transfer restriction agreements and founder’s agreements. These agreements protect the owner/spouse and also other shareholders or partners in the business. Where both spouses own a business together, special planning is required in the event they divorce. It is important that a written agreement addresses what should happen in the event of divorce.
For Experienced Alabama Divorce Lawyers
For advice and representation regarding asset protection issues in a divorce in Albertville, Guntersville, Boaz, Arab and surrounding Alabama communities, contact The Hawkins Law Firm.