Darren is a partner in a small business.In order to protect the business if he should 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 outlines the rights and responsibilities of each spouse in the event of divorce or death. By including a provision that excludes the business from marital property, Darren can protect his ownership interest in the business and prevent it from being subject to division in a divorce settlement. A partnership contract may address ownership and management issues within the business, but it does not provide the same level of protection in a divorce. A cohabitation agreement is similar to a marriage contract, but it applies to couples who are not married. An exclusionary statement is not a commonly recognized legal document and may not hold up in court.

Darren Is a Partner in a Small Business