How Do You Save Your Marriage from Your Startup? Who Gets the Company in the Divorce?

Excerpt From Inc. Magazine

Image“Maintaining a marriage is hard enough as it is. The national divorce rate is at an all-time high, and it has doubled for Americans over age 35 in the past two decades, according to an April report by researchers at the University of Minnesota. Nearly half of all people who have been married undergo a divorce or separation by their late 50s. Though there has been scant research on the topic of entrepreneurs and divorce, many founders say that the overwhelming pressures and demands of launching a company have wreaked havoc on their marriages. What’s worse, a failed marriage can all too easily destroy even a thriving entrepreneurial business.

Even some of the most successful entrepreneurs have experienced marital failure. Last year, Google co-founder Sergey Brin separated from his wife, Anne Wojcicki, the co-founder of DNA-testing company 23andMe. In 2010, Wynn Resorts founders Steve and Elaine Wynn got divorced–for the second time. And Elon Musk, founder of Tesla Motors and SpaceX, has been divorced twice since 2010.

Nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) have community property laws that dictate all assets accumulated by the couple during the marriage be split down the middle. That includes company stock. In some cases, companies have been sold to raise cash to pay off spouses. In others, brawling exes have been forced to become business partners.

Even if you try to shield your spouse from the daily travails of running a company–the nearly missed payrolls and the personnel problems–those pressures have a way of following you home.”

Read the full article here.

The Grady Firm, P.C. is a full-service law firm catering to business owners and their families. As the “pre-nup attorney for businesses,” founder Jennifer Grady, Esq. and her team of attorneys in the Business Advising Department draft Bylaws, Operating Agreements, Buy/Sell Agreements, and Shareholder Agreements to protect their entrepreneur clients from their partnerships going awry.  The Grady Firm’s Estate Planning Department protects business owners’ assets through trusts and asset protection methods.

To find out how to protect your family and your business, schedule a complimentary 15-minute consultation today, or call (323) 450-9010.

Advertisements

About gradyfirm

The Grady Firm, P.C. provides exceptional legal counsel to its clients as their dedicated Immigration, Global Relocation/Expansion, and Human Resources Department. We deliver superior customer service and holistic strategies tailored to each client’s background and goals. As a truly global practice, The Grady Firm attorneys provide the business, immigration, employment counseling that American companies need to thrive, and cultural background which foreign entrepreneurs need to be successful in a new market. Our tech-savvy, multi-lingual attorneys are fluent in Spanish, Italian, German, and Farsi. They are licensed in California, and can practice immigration and intellectual property in all 50 US states. The firm serves innovative clients from around the world from its offices in Beverly Hills, Irvine, and San Diego, California. Learn more about us at www.gradyfirm.com.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s