Post by Cecile C. Weich on Jan 15, 2015 15:00:13 GMT
Some business and professional people find it necessary to sign Pre-Nuptial Agreements before they marry. A couple, for example, might have two or three sets of children to take care of; hers, his, and theirs. If a spouse dies or if there is a divorce, who gets what?
When you draw up one of these Agreements, you have to put all assets on the table.
Both parties must disclose everything they own, and each partner must be represented by an attorney. The trouble is, business people don't think of their company or professional perks as assets that have to be disclosed.
Such things as the company car, plane, boat, paid-for vacation lodge or condo, moving expenses, all forms of insurance (including car insurance), memberships in County Clubs, special medical check-ups. Anything the Internal Revenue Service considers income, has to go on the table when you draft a Pre-Nuptial Agreement.
If you overlook something, it could come back to haunt you. You don't want and unglued spouse prowling through the company books and files in search of possible hidden assets or income. If something turns up that wasn't disclosed in the initial pre-nuptial offer, there could be grounds for setting aside the Agreement or grounds for negotiating more of a share.