Personal and business assets require special protection. Aspects of, among other things, inheritance and family law come into play here.
The impact of family disputes can extend to businesses and their assets, particularly in cases involving the self-employed, entrepreneurs, and tradesmen. Disputes over inheritance, divorce, and separation can become a problem for one’s business or practice. Our team of experts at the commercial law firm MTR Rechtsanwälte is well versed in inheritance and family law, and we are able to put this legal expertise to good use for our private clients by helping them avoid negative outcomes from these kinds of disputes – which, in the worst-case scenario, could see the economic viability of the business put at risk – and by protecting personal and business assets.
Family disputes and inheritance matters, in particular, pose a potential threat to personal and business assets alike, which is why it is crucial to take precautionary measures in good time.
It is worth considering a prenuptial agreement, especially if assets are unequally distributed among the spouses. In the absence of such an agreement, the statutory rules apply automatically, portions of which have not been changed in decades and are often no longer in line with modern societal requirements. For instance, a married couple without a prenuptial agreement automatically falls under the statutory matrimonial property regime according to which each spouse is entitled to half of the gains made during the marriage. The value of a business, of company shares, or of real estate is also factored into the equalization of accrued gains. In the event of a divorce, this can wreak havoc on the value of real estate and on business assets.
A prenuptial agreement allows for the possibility of different arrangements regarding accrued gains or pension rights adjustment, meaning that it may be possible to prevent the break-up of the business or practice.
Time is also of the essence when it comes to thinking about inheritance and company succession in cases involving family businesses or shares in companies. Without a will or a prenuptial agreement, the rules of intestate succession apply automatically. This may give rise to disputes among the heirs and hence jeopardize the business, which is why a suitable solution ought to be found early on. It should also be noted that statutory heirs are generally entitled to a compulsory portion of the estate.
Our experienced attorneys can advise private clients on matters pertaining to inheritance and family law.