Business owners with young family members may worry how a future marriage could have a negative impact on their hard work. That is the reason many proactive parents look for opportunities to discuss the importance of preserving a family legacy well before a marriage or subsequent divorce could derail their efforts. Colorado residents who worry about the future of their family’s business may seek information concerning the tools that can be implemented to avoid the damage a divorce can cause.
Raising both a family and a company is a labor of love that can reap many emotional and material blessings over time. However, parents who have worked hard to ensure the success of a family business may have valid concerns over how a future marriage could upend their plans for a family legacy in the future. One way to help prevent this possibility is to educate their youngsters on both the extent and value of their family’s wealth and assets. Though this may prove to be a difficult conversation, the effort may protect a business in the future.
For many young people, the thought of having a discussion about a prenuptial agreement with an intended spouse may be extremely uncomfortable. For those who have been educated about how and why to have such a discussion, the process may be less intimidating. Once a future partner understands the significance of having such a contract in place, he or she may be more favorably predisposed to work to preserve the family legacy.
There are many approaches parents or partners may take in the course of educating young people about the importance of protecting a family enterprise. Those who possess a clear knowledge and understanding of their family’s wealth are more inclined to want to preserve those assets in the event a marriage were to end in a divorce. Colorado residents who are interested in more information concerning the tools available for protecting certain assets during a dissolution may consult with an experienced attorney who is knowledgeable about state laws and prenuptial agreements.
Source: pctonline.com, “Before ‘I Do’“, Anne Hargrave and Christopher Eckrich, Feb. 14, 2018