Are you one of the many small business owners living in New York City? Do you have ownership in a family business? The restaurant community often sees generations of business owners. Have you recently become engaged or know that is the next steps in your relationship? If so, you should have a prenuptial agreement.
Many family businesses fail due to contentious divorce where it become part of the court battle. Although no one intends for these things to happen, all to often it does. When the division of marital assets begins often there is a need to have a business valuation, which is disruptive to the business and can be costly and an intrusion on family members. This may cause the dissolving of more than just the marriage in order to pay for a marital portion of the equity, the expenses, or the breakdown of a business partnership.
When drafting a prenuptial agreement, the business would be listed as an asset with the value of that asset, percentage of ownership and how that interest would be handled in the event of a dissolution.
Protect your family business by contacting us today to draft your prenuptial agreement.