Business people and sports fans alike will surely recall the major league divorce battle of the McCourts over the ownership of the Los Angeles Dodgers or the contested dispute over the mental capacity of Donald Sterling to administer a family trust owning the Los Angeles Clippers. Unplanned events can change the ownership or control of your business.

Divorce is unfortunately a foreseeable event in the United States (approximately 40 to 50 percent of married couples divorce). Mental illness and mental incapacity are also commonplace, especially for aging business owners entering the latter stages of their life. As we all know, death is a certainty.

You or your partner may in fact not know of his/her personal or health issues until it is too late. These events can devastate your business, resulting in, among other things, you becoming partners with persons whom you never expected to be in business with or losing control of your own business. To avoid these scenarios as best as you and your business can, a prudent business person should consider the following: