Exactly two years after saying “I do,” Jennifer Lopez officially declared “I don’t,” filing divorce papers from Ben Affleck at the Los Angeles County Superior Court on Aug. 20. According to documents obtained by TMZ, Lopez waived her claim to spousal support and requested that Affleck be denied the same.
We won’t dive into the personal reasons they split up, but it is worth noting that an inside source told NBC News that the couple did not have a prenuptial agreement. This means that any money earned by Affleck or Lopez since their July 2022 marriage is community property. This may or may not be a point of contention in the proceedings, but it serves as a good reminder for anyone entering a business partnership that, as not-so-nice as it might feel at the moment, it is best to have your legal bases covered before you officially begin.
Related: Jennifer Lopez Thinks Latina Entrepreneurs Are Undervalued
“You may think that a handshake will suffice but that won’t cut it, especially if there are disagreements or one party wants out,” wrote serial founder Mike Kappel for Entrepreneur. Kappel strongly suggests meeting with an attorney and formalizing a partnership agreement that spells out the following:
- How each partner will be compensated and how often.
- The roles and responsibilities of each partner.
- Your exit strategy if one or more parties want out of the partnership.
- What happens if one partner dies?
These are not pleasant scenarios, and most partnerships begin with enthusiasm and excitement. But circumstances change and life can be unpredictable.
“As your business changes, your roles may change. You may want to bring in more partners or change the terms at some point. It’s a good idea to periodically take a fresh look and make sure the agreement is up-to-date,” writes Kappel. “A partnership can be a great way to launch your business. With the right personalities, a sense of humor, careful planning and a bit of luck, your partnership can be a great success.”