Whether you’ve been married for a few weeks or a few years, it’s never too late to protect your assets and plan for the future with a post-nuptial agreement ohio. These legally binding contracts offer additional peace of mind that you have the protection you need in case anything should happen to your marriage. Ohio law makes clear what is and isn’t allowed in these agreements, and although the law is straightforward on its face, it can be more complicated than you think in practice. As if the specter of divorce wasn’t scary enough, couples that have been married for less than 20 years are also faced with the potential fallout of the cannabis boom. In states that have legalized marijuana, significant wealth is at stake for businesses and consumers alike, and this wealth can easily become the center of contentious, Hours- or even Days-long negotiations between spouses. Fights over who gets how much can ruin relationships, and by the time you’re through, your legal fees may eclipse a Las Vegas wedding.
Fortunately, there’s something you can do to protect both your finances and your relationship: Consult a qualified Ohio family law firm that understands the unique legal issues surrounding hemp and marijuana. A post-nuptial agreement with a reputable attorney is one way to protect your business assets, which may include partially vested company stock, trademarks, licenses and a whole host of intangibles. You can also protect the value of personal funds advanced to a start-up or other project. In considering a post-nuptial, understand that it offers protection that may not be included in pets, prenuptials or even wills. You’ll want to set out the terms for terms for sole versus shared ownership and describe how property rights will be conveyed in the event of divorce. Additionally, you can mitigate potential conflicts by making specific agreements about your roles and financial rights/interests as they relate to the care of business assets.
Finally, you should consider asset protection again, since cannabis-related funds are at risk of seizure in some states, and prosecutors are becoming wise to the craft of asset forfeiture. In addition to protecting your personal assets from seizure, a post-nuptial can save your inherited funds, prevent trial over art, jewelry or paintings, and keep your bank account safe from seizure by creditors. Ohio law specifically governs the kinds of things that can be included in a post-nuptial. A written contract or oral contract “in consideration of marriage” must be signed by both parties, while a contract not in consideration of marriage must be signed by both parties. Other requirements follow, including the need to list all income, debts and earnings when assets change both before and after marriage. Nonexempt property or property “excluded from subject to division by agreement” is not divisible by law, and either spouse can waive the right to seek alimony. Neither spouse can seek excessive maintenance under certain circumstances.
Other things aren’t clearly defined by law, but you might want to include them. For example, what happens to the business when the owner marries? How is the premarital agreement divided when the house is owned by one party only? in the event of a divorce, what are the dividends, dividend reinvestments and other earnings going to be if one spouse has made significant contributions? How are “unexchanged” creditor payments managed as the business matures? When is the equitable division of business affairs and proceeds hammered out? Don’t leave these questions to chance when you could easily resolve them with a short-and-sweet post-nuptial. A well-written contract can also categorize shares, stocks and options, dividends and retained earnings, debts, liabilities, contingent obligations, lawsuit potential and so much more.
Ask yourself these questions as you consider the implications of signing a post-nuptial agreement: What happens if your spouse dies? Do you have a plan to deal with the loss? If you were to divorce today, would you fight over what’s rightfully yours? What happens when one spouse makes significantly more than the other? If something were to happen before a will is written, how will shared property be divided? While the future of hemp has never looked so bright, it’s still a risky investment for many. It also carries some risks for married individuals with a stake in an up-and-coming industry. Ohio law has thankfully recognized the craft of asset protection. A post-nuptial is one way to ensure that spouses can enjoy the benefits of growth without fighting over money later. The hemp boom is here to stay, but that doesn’t mean that the golden age won’t be followed by a recession. Should a crash occur in Ohio or elsewhere, couples who have a well-written legal contract will find themselves better equipped to weather the storm.
For more information on asset protection and legal agreements, you can visit Nolo’s guide on post-nuptial agreements.
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