Why You Should Have A Prenuptial Agreement – Internet Businesses

It has become much more common for people to generate income using the internet. It is something that can be done at any time and only requires the amount of commitment that a party is willing to devote to it. This includes monetizing social media accounts, creating niche or craft businesses (i.e. an Etsy store), or receiving creator income for content posting.

Family law practitioners have seen an increase in these businesses, particularly for stay-at-home parents or spouses. What generally starts as a productive use of downtime, or a simple hobby can become a successful business or brand. Does this count as employment? Does this count as reliable income? Is it an asset of the community? The answer is (as always) “it depends.”

It is certainly worthwhile to have a discussion about it, particularly if this is something your partner already engages in (whether it is a side business or hobby). Having specific benchmarks in terms of hours spent, average revenue generated, tax consequences, etc. will save both parties from time-consuming and costly disputes in the future about how to define all of these things and what it means for the parties.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.