Thursday, March 29, 2007

You're Out Of the Family Business!!!

Divorce can sometimes be a very complicated mess especially when a couple is involved with a family business and qualifies as one of their major assets. What happens when one of the parties to the divorce, married into the family business? Sometimes that person will be relieved of their duties based on the fact that they will no longer be a member of the family. Other times, that person has already become a majority stock holder, and will be in the business regardless of their status as a "family member". This can create headaches for everyone involved and often times the issue will be brought before a Judge so that he or she can decide what's the best thing to do. With the dawn of the Prenuptial Agreement age, more and more parties understand where they stand if they decide to divorce the family member who has the blood connection to the family business. However, there are often times repercussions for the business and the individual if they are not allowed to continue on in the business.

This situation can be most recently seen in the divorce of George Steinbrenner's daughter. Her husband was slated to be Mr. Steinbrenner's successor, but now with a looming divorce, his future with the Yankees seems bleak. You can read the story at:,0,4972994.story?coll=ny-worldnews-print

No comments: