The short answer is no.
A quick Google will let you know that there are several ways business assets can be exposed to relationship property claims. Claims can be made for a share of your business assets by your spouse or partner after you separate. That means it is important to protect your business. Give yourself – and your business partners – certainty that a change in your relationship status won’t have adverse outcomes for the business.
How do you protect your business assets?
Take the safe route, get a prenup! Outline exactly how you want your property to be divided. You can choose to specify how the business assets will be divided, or even simply that the business remains separate property.
How can CODR help?
Our goal is to make the process of getting a prenup easy. It’s all done online, without the need to even leave your home! We provide a DIY prenup for $172.50 with expert assistance to help you along the way. We also provide two lawyers at a fixed price who can make the agreement legally binding. Find out more about our Relationship Property Agreement or contact us with any questions you may have.
Things to remember:
- Relationship property is not all about the family home or furniture. It is important for you to understand how YOUR business assets can be susceptible to relationship property claims. If in doubt, get legal advice, we have a team of experts who can help!
- Trusts will not always protect your business from relationship property claims. Again, if in doubt, get legal advice, again, we can help, get in touch with us!
- It is important to ensure any prenup is fair, as the court can overturn agreements which result in “serious injustice”.