A prenup can have a lot of other uses, such as estate planning. I'm not sure yet if we'll be planning on a prenup agreement.
To the original poster: Agreements like that are not that unusual for a small business. I'm sorry, but if you're getting divorced, you, as a wife are not entitled to half of your husband's share of the business and any profits he may have had. How would that business survive after a partner's divorce if the original division of assets is now increased to include another person? The other wives who were still married to the partners would expect a larger share as well, and the entire business could fall apart.
I'm not saying that your ex should not financially not take care of you after a divorce, especially if he was the breadwinner, but claiming the assets of a business is something that I don't believe you're entitled to in my opinion.
You and your FH should have a life insurance policy in force to take care of your financial means if he should die. The business shouldn't have the responsibility to financially take care of you.
geegee827
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Re: The Dreaded P word!
You need to see your own lawyer before doing anything. Do not go to one with FH, do not go to one connected to his busines, but go to your own separate attorney.
I would think that if you sign this document, you will need to make it part of a larger pre-nup package - this way even if you're agreeing to keep your hands off the business, you are still protected.
DH and I actually have a pre-nup in place. We both wanted it. We both had substantial savings and I already owned some real estate with my family that was purchased long before I met him. He had some stocks, etc., from long before we met too.
Our pre-nup basically states what was his and what was mine before the marriage remains our separate property. What we accumulate together is joint property. This includes our home which was purchased before we were married. We both own it equally.
LoveyDovey
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Re: The Dreaded P word!
thanks for all the advice!
FH and I have figured out a way to go around all this... I am really against the whole prenup thing...thankfully this is not a prenup...
I totally understand why these men want to protect this business, I don't blame them!
so basically, i will just invest in the business on my own! no form needed since part of it will be mine!
soontobecruz
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Re: The Dreaded P word!
NO WAY!! How are you and Fh going to let his partners make personal decisions for you and him. That is a personal matter and if FH was requesting it that would be one thing (I still wouldn't sign it personally) but his partners????? Never, not in a million years.
LoveyDovey
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Re: The Dreaded P word!
Posted by soontobecruz
NO WAY!! How are you and Fh going to let his partners make personal decisions for you and him. That is a personal matter and if FH was requesting it that would be one thing (I still wouldn't sign it personally) but his partners????? Never, not in a million years.
they need to protect their business
would FH or I for that matter want another wife taking down the business because she was jaded over her divorce?
the situation is not ideal, but i do understand where the partners are coming from...they are not asking us to sign prenups- they just want to make sure we dont go after the business in tbe event of divorce
3rdtimesacharm
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Re: The Dreaded P word!
Don't do it. If his business partner's don't trust your FH, or each other's jugdement and aren't smart enough to figure out a way to protect their business, they won't have any assets. What in this 'business deal' protects your assets? If your FH's personal finances can be held liable to the business that means you can be too. Be careful.
Golden
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Re: The Dreaded P word!
Posted by MikesBride2B
No way in a million years would I sign a prenup.
I don't believe in divorce unless I'm getting physically/emotionally abused or there's a long term affair on his part...and if any of those happen then not only does he deserve to get divorced from me but he deserves to PAY too
well said!
BLBride
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Re: The Dreaded P word!
As a lawyer who just spent a great deal of time working on an article on partnership law, I agree with all of the recommendations for you to go independently to a lawyer. Partnership agreements are pretty much the ONLY thing that matters when it comes to a dispute down the line (whether related to divorce, or death, or something else you aren't even thinking of at this time). You should really go over the agreement with your own lawyer to make sure you are comfortable with it. I know its not something you really feel like doing right now (who would?) but honestly its worth putting the time in to go over this with someone who is familiar with these types of agreements. There are so many aspects of life that can be affected by this and you really don't want to be sorry down the line (once you sign it, it becomes a LOT more difficult to fight it).
rockysmom23
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Re: The Dreaded P word!
In my opinion NO, i would never even consider it. IMO it is unnesesary. But we also do not have alot of money, and has for as assets goes, i will not put my name on FH house. His grandfather built it back in the later 30's and that is his, even if divorce was in the future (pray to god not) i would never try to take that away from him.
AdriandSteve
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Re: The Dreaded P word!
I will probably have FH sign one. He has no problem with it and actually wanted to bring it up but didn't know how. I have some $ now in stocks but that's it. Eventually I'll be inheriting a large amount of $ from 3 or 4 different families members. (gotta love being an only child with no first cousins).
I look at it like life insurance. You don't WANT to die but you have to protect yourself in case the inevitable happens.
If FH was in a business and had partners then I'd DEF sign one. They (partners) are just trying to protect their assets which I can't blame them for. I'd want to do the same thing.
MayBride2010
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Re: The Dreaded P word!
Posted by DWKSwed
Also, before you sign ANYTHING, you talk to a lawyer - your own lawyer, not one in any way connected to the business partners or your husband.
ITA.
As for my opinion on the pre-nup question....I have absolutely no issues signing one. FH does have many assets...a small business included, while I have not so much. As soon as we got engaged, I had mentioned to him that I would be willing to sign a pre-nup if he had wanted me to and his response was 'absolutely not, we are in this for the long haul so there is no reason to'. We both do not believe in divorce at all, and I do not think that the pre-nup dooms the relationship. The only reason why I asked is because we are unbalanced in our assets. If we both werent bringing too much to the table, then I wouldn't have asked FH.
LoveyDovey
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Re: The Dreaded P word!
Posted by AdriandSteve
If FH was in a business and had partners then I'd DEF sign one. They (partners) are just trying to protect their assets which I can't blame them for. I'd want to do the same thing.[/QUOTE
Thank you!
kellyj2011
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Re: The Dreaded P word!
Posted by ooxrosaliexoo
what i dont like about a prenup is that its talking about divorce before you're even married. the P-word reminds me of the D-word and they both TOTALLY ****. Thank god FH and I are both broke lol
ITA!! On both counts
marinai7
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Re: The Dreaded P word!
I would sign one - I don't think it's a big deal to me. Of course nobody goes into marriage thinking they'll get divorced but it's better to be safe than sorry. I would never ask FH to sign one and he wouldn't ask me, but if he ever did, I would.
