Illinois residents who have an entrepreneurial spirit may be less likely to succeed in their marriages. One of the reasons why this may be the case is because those who start their own businesses are under intense pressure on a regular basis. However, even a person who creates the next Uber may not survive the rigors of marriage.
As with any other asset, the value of a startup company may need to be divided at the time of a divorce. In some cases, this could mean hundreds of millions of dollars are at stake. Creating a prenuptial agreement may help those who are successful in business to protect their wealth. Of course, an individual needs to first know about prenuptial agreements to take advantage of them.
In many cases, entrepreneurs may not know about the value of a prenuptial agreement and what it can protect until it is too late. However, those who don’t have prenuptial agreements are generally able to keep much of what they sold their company for. If a startup founder made $100 million from the sale of the company, that could still leave millions of dollars in the seller’s bank account after the divorce.
People who are facing the end of their marriage will often have questions about the property division process. An attorney can often answer those questions as well as help clients gather as much information about their current financial position as possible. In some cases, it may be necessary to hire professionals to place a value on a startup business if there is a dispute as to what the company is worth.
