Originally from:
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Hardcover
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Electronic
Preview Page
CHAPTER 36
LAW ON SPOUSAL INTERESTS
(AND LIABILITIES) IN BUSINESS
Section
§ 36.01 Introduction
§ 36.02 Spousal Rights upon Dissolution of Marriage--General Law
§ 36.03 --Minnesota Law
§ 36.04 Do All Increases to Wealth Become Marital Property after Marriage?
--General Law
§ 36.05 --Minnesota Law
§ 36.06 --Exceptions
§ 36.07 Marital Property and Business Assets--General Law
§ 36.08 --Minnesota Law
§ 36.09 Prenuptial and Antenuptial Agreements
§ 36.10 Validity of Antenuptial Agreements on Dissolution of Marriage
§ 36.11 ⎯ --Procedural Fairness Test
§ 36.12 ⎯ --Substantive Fairness Test
§ 36.13 --Validity of Antenuptial Agreements on Death of Spouse
§ 36.14 Conclusion
§ 36.01 Introduction
Spousal interests in the business assets and interests of the other
spouse is a much ignored topic in business law. Spousal rights become
important in at least two instances: (1) on the termination of a marriage
between spouses and (2) on the death of a spouse. Because these
instances do not necessarily, in traditional business law outlook, coincide
with the formation or operation of a business, spousal rights are not
normally addressed in texts discussing business law, but are more
commonly found in sources pertaining to the areas of family law or
estate planning. However, unfortunate incidents of divorce and death do
occur and can cause the unwanted or unplanned transfer of assets and/or
controlling shares in a corporation; and, therefore, should be a significant
factor in business planning. In the event that a person does not want a
spouse to acquire certain business interests on death or divorce, a
corporation or shareholder should protect his, her, or its assets by
preparing for and preventing unplanned transfers to or from spouses.
This subject matter, if understood and approached in good faith by both
spouses, will ultimately and effectively be dealt with more constructively
to the interests of both spouses.
§ 36.02 Spousal Rights on Dissolution of Marriage--General Law
The interests of one spouse in the business property of another spouse
on dissolution of marriage is based almost entirely on the type of marital
Roger J. Magnuson is a Partner at Dorsey and Whitney, LLP, where he serves as Head of the National Strategic Litigation Group and has practiced since 1973. He has been recognized as one of the top trial lawyers in the United States by major national and international publications, including Chambers International Guide to American Lawyers, which profiles the top 500 trial lawyers in the United States, Best Lawyers in America, Who's Who in American Law, and Who's Who in America. Mr. Magnuson was also recognized by a Journal of Law and Politics' survey for Judge's Choice "Wins Most Cases."
Some high profile cases that he has litigated include representation of the Florida Senate in the Bush v. Gore election controversy in 2000; and representation of the Plaintiffs in the widely publicized and studied Mall of America case. For several years he has represented, among other persons and entities, the Minnesota Twins and Major League Baseball principals and players in litigation; and has litigated national and local cases in federal and state court venues. He has appealed before the Supreme Court in a number of cases; as well as the Minnesota Supreme Court. He has authored several articles and 7 books.
Richard A. Saliterman is a Principal in Saliternan & Siefferman P.C., a full-service firm in Minneapolis established in 1976. Mr. Saliterman is a leading expert on corporate business matters, and is the author of several publications on business start-ups, franchises, and trademarks. Mr. Saliterman is the former National Judge Advocate for the U.S. Navy League, based in Washington D.C.
Contributing Editor:
Amanda Chang
Contributing Authors:
Alecia Anderson
Seth Back
John Baker
Shannon Berg
Constatin Burachek
Benjamin Carpenter
Ryan Check
Carl Christensen
Peter Fear
Michael Frasier
Aaron Hall
Catherine Hanson
Paul Harman
Amy Ithlan
Michael Kern
Chris Kuhlman