Family Law for Business Owners
Business Owners should be especially careful in family disputes: along with issues quite common in family law, such as the splitting of household, (child) support or care settlement, the splitting of property becomes especially important within the gain settlement issue: in this regard even the spouse’s enterprise can be a subject to evaluate.
In case of non-conclusion of a marriage contract or a divorce agreement, as well as lack of due diligence in their preparation claims of divorcing, the fact that the gain settlement equals to one half of the total value of two property balance sheets, can lead to the marriage partners´ high expectations. At a pinch it can lead to the company’s insolvency.
For these reasons entrepreneurs should be especially careful while drafting contracts: it is possible to avoid risks in advance by means of a marriage contract certified by a notary and drafted by a skilled family law attorney. Otherwise, a divorce settlement can sometimes help to prevent the worst.
In addition, in the case of divorce, entrepreneurs have to deal with complicated tax and corporate law issues. That is why it is reasonable for a business owner, whether he is married or planning a marriage or a divorce, to consult a skilled attorney, having enough competence and experience in the area of family, corporate and tax law.Furthermore, business owners have to fight with the complex tax and corporate law issues in divorce cases. Accordingly, for an entrepreneur who is married, going to get married or divorced, it is recommended to take the advice of an attorney, who has the knowledge and experience, both in family law, as well as in corporate and tax law .
Business owners should also take extra care for inheritance matters: a negligence regarding the company’s transition in case of death can lead to serious consequences. In this case it is also important to consider the tax aspects and to ask for professional advice in case of doubt. The attorneys of GPR Rainer LLP will be happy to provide legal assistance in the field of inheritance law.