Having an agreement in place before you embark on a business project – or a lifetime together – is a good idea.

The right time to talk about expectations and responsibilities is before you’re in the thick of things, and definitely not when things are falling apart.

At that point, it’s too late.

Carol Roth shares her thoughts on the three components that should be included in a partnership prenup, and why writing this down can make your business run more smoothly and be more successful over the long term.