prenuptial agreements

By now, most people understand that a prenuptial agreement, or prenup, is not something that applies only to the rich and famous. In fact, a prenup can save a lot of time, pain and emotional turmoil for any married couple should their marriage end in divorce. But what is a cohabitation agreement and are the two interchangeable?

Cohabitation agreements are contracts between two individuals who are in a romantic relationship and share the same household. These agreements address a variety of financial, personal and family issues and how they should be dealt with in the event the relationship ends. Although they sound very much like a prenup, there are some basic differences between the two. For one thing, a majority of states have laws that pertain specifically to prenuptial agreements; cohabitation agreements, on the other hand, are governed by general contract law.

To learn more about cohabitation agreements and whether you should consider one, read Money Crashers’ “What Is a Cohabitation Agreement – Why You Need One Before Living Together.”

Family-owned or controlled businesses are an important segment of the American economy. They account for about 90% of all American businesses, from large retailers like Walmart to small mom-and-pop shops, and produce more than half of the country’s gross domestic product. These businesses face all the same risks as publicly-owned businesses do – growing competition, changing technology, increasing costs of supplies, and the like. On top of that they face one more risk that their publicly-owned counterparts do not – divorce.

What happens to a business that is owned by a couple facing divorce depends largely on the steps the couple took, if any, to protect the business before their marital troubles began. Often the family has the majority of its assets tied up in the business, so one spouse buying the other out is not always an option. A recent MarketWatch article, “How to protect your family business during a divorce,” discusses different options available to couples who want to protect the businesses they worked so hard to create.

Articles Tagged with prenuptial agreements

Cohabitation Agreements and Prenups – Similar Yet Different

Take Steps to Avoid Losing the Family Business to Divorce