Saturday, March 20, 2010

Prenuptial Agreements Are Good For Family Businesses

If you have a family business then read the following from The Williston Herald, Family roles play a part in farm operation, succession A family death brings questions about new roles:

"To help deal with in-laws, Hanson is now a firm believer in prenuptial marriage agreements.

'It's just good business management,' he said, while admitting there are two points of view on the matter.

The first point is from the view of the in-law, who wants to know why she/he should have to sign such a document in the first place, especially if that person helps work the operation.

To address this point, Hanson said to ask the in-law to think of what the family has done to build the business.

'The only way this farm will ever be successful is if this farm stays as a unit. If this farm is divided, sold, split off, no one wins,' Hanson said.

If a prenuptial agreement is done fairly, no one ever gets upset. In talking about the reasons behind the prenuptial agreement and its overall purpose, the new family member should understand and feel he/she has been treated fairly, he said.

Hanson is also a firm believer in prenuptial agreements for anyone entering a second marriage.

'If you think children have trouble settling an estate, wait until you have stepchildren,' he said."

If you need a lawyer for a prenuptial agreement, please give me a call.

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