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posted on 1/24/17

In many high-asset divorces, a closely-held business is the couple’s primary, or only, source of income. Planning played an important role in building the business, and pre-divorce planning plays an important role in its division as well. It is never too late for spouses who are also business partners to make and mutually revise property agreements to cover a future distribution of assets and debts.

Pre-divorce agreements allow the spouses to make important financial decisions outside the pressure-cooker of marriage dissolution proceedings. If there is no such agreement, the judge will equitably divide marital property between the spouses. That concept has a specific meaning in family business matters, as outlined below.

Property Agreements

The

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