Darren is a partner in a small business.In order to protect the business should he die or divorce,what can he draw up to exclude the business from marital property?

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Quizplus · Accepted Answer

A marriage contract, also known as a prenuptial agreement, is a legal document that specifies how assets would be divided in the event of a divorce. By including a provision that excludes the business from marital property, Darren can protect the business assets. A partnership contract would only protect his share of the business, not the entire business. A cohabitation agreement is similar to a marriage contract, but it is only applicable to unmarried couples. An exclusionary statement is not a legal document and would not provide the necessary protection for the business.

Darren Is a Partner in a Small Business