Divorce Dex.com: Buy and Sell Agreement

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Definition Buy and Sell Agreement - an arrangement, which is particularly common in a closely held corporation or partnership, whereby the surviving owners agree in advance to purchase the interest of a deceased or withdrawing owner.

Application in Divorce A buy and sell agreement makes for the orderly disposition of an interest in a business. It is also beneficial in establishing the value of that interest for estate tax purposes.

The agreement among the part owners of the business establishes binding conditions (termination of employment, disability or death) under which the withdrawing partner or his or her heirs are obligated to sell to the survivors.

In divorce actions, courts disagree about the inclusion of goodwill in judgments when a practitioner has signed an partnership of stockholder’s agreement that precludes him from realizing goodwill except by future earnings.

See also Minority Discount.

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