Business owners, those who have just gotten remarried and those who have relocated may all benefit from a prenuptial agreement. This goes against the idea that Tennessee residents should only have one if they are rich. Those who are expecting to receive an inheritance may want to account for it through a prenuptial agreement just to add an extra layer of protection against losing it in a divorce.
This may be useful if a couple moves after getting married. If that couple gets divorced, the laws of the state where the divorce occurs are in effect regardless of where the couple was married. Therefore, what may be considered separate property in one state may be considered marital property in another. With a prenuptial agreement, an individual may stipulate that certain property is separate regardless of what the law says.
Business owners may benefit from a prenuptial agreement because the venture may be considered an asset in a divorce. This is generally true if the business was created or appreciated in value during the marriage. If the business is hard to sell, it may be necessary to obtain a valuation. As this may take a lot of time and effort, it may be easier to account for the business in an agreement reached prior to the marriage taking effect.
A prenuptial agreement may be effective in providing asset protection after getting married. It may also protect business owners who may expect their companies to increase in value at some point. An attorney may help create such a document or review an existing one.
