Is my family business considered marital property should I get married and later die or divorce?

Business 3 views 3 answers
My parents built a business 20 years ago and have now included my brother and I as part owners. If I get married and I die or divorce without a will or pre-nup in place, will my husband then get ownership of the business? Does a family business remain a family business, or does it become marital property.

Attorney Answers

3
Judy Goldstein ·
It depends upon how the business is set up. For best safety, have a pre-nup. Both parties should be represented by sepearate counsel and the agreement should be executed well before the wedding to avoid any later claim of coercion.
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Gary Schlesinger ·
if you received your ownership before you marry, it is probably your non marital property in the event of a divorce. but there are many ways around that by a good lawyer. did you receive a real salary or a low one so money could remain in the business? that is just one issue. best if you and your parents consult now with a business and estate planning lawyer. then when you wish to marry, a pre marital agreement would be a good idea. that settles in advance a death case, probate, and a divorce. these are difficult to negotiate while professing love and life long faithfulness to a potential spouse. many divorce lawyers draft pre marital agreements.
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Wes Cowell ·
You need to talk with a lawyer to map out how to handle the business in the event of a divorce. In the event of your death without a will (Good Lord -- why are you even asking this? Why not just get a will?) she'll have a claim to your share of the business. A prenuptial agreement can address this. It'll probably set you back $1,000 - $2,000. Cheap at twice the price for the peace of mind it will give you and your family. Call for a free consultation: 312 - 987 - 9999
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