Family Law... Separation and the Family Business

Friday, October 6th, 2017
Posted in: Family Law by Kay Rhodenizer, Counsel

Kay Rhodenizer – October 2017

Spouses employed in a family business face all the usual challenges of separation but must also decide if they can continue to work together or if the business must be sold or one spouse must leave his/her job.

I have worked with couples who found creative ways to stay in business together and others who arranged for one spouse to leave with a minimum of conflict and fair compensation for lost employment, “perks” and medical coverage.

Some businesses are not complex although it is not unusual to find corporate debt secured against family assets,  spouses who owe money to the corporation or who are entitled to repayment of shareholders’ loans and these assets/debts must dealt with.  Other businesses may require a formal valuation, especially those with quotas (farmers, fishers), and/or restructuring of shares or family trusts.

At MDW Law we work with you (and if necessary accountants and/or business valuators) on these issues and welcome your inquiries.

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