Because business breakups are complex — especially when property is involved — Sam Saks wrote a guest column for Phoenix Business Journal outlining options for dividing property as well as how to structure a partnership agreement to avoid costly litigation.
Sam recommended developing a buy-sell agreement that clearly defines how property will be divided. Additionally, he suggested partnership agreements include a first right of refusal that allows partners to buy each other out if one decides to leave.
When property division agreements can’t be reached, partition action is a legal option, but it leaves the decision in the Court’s hands. Sam explained the different types of partition actions but cautioned they can have a lasting negative impact on a business or partnership.
A respected member of the legal community who has successfully secured millions in settlements for his clients, Sam helps small- to medium-sized businesses navigate complex litigation over partnership, breach of contract and commercial transactions. A PHOENIX Magazine 2022 Top Lawyer, he is also recognized by The Best Lawyers in America© and Southwest Super Lawyers.