I'm working on an operating agreement for a three member LLC in which two of the members are married. I'd like to include some language that stipulates that in the event the marriage is terminated both of them must transfer their interest in the company to the remaining member(s). Primarily, I'd like to avoid managing a company with feuding ex-spouses.
In the likely event of divorce (let us be reasonable, the divorce rate is around 50%), have a Russian Roulette Clause built into the OA. Either the divorce will be amiable and they can continue working together, or one will offer to buyout the other and then the Russian Roulette Clause kicks in. You might also consider a Texas Shootout Clause. Either would solve the problem.
They are both basic deadlock provisions and fairly common to OA's. Your lawyer may even know of other ways to go about it.
Try an Option clause or agreement.
Separate Agreement, the married couple can both sign the same document. You might have to pay them some money or give them a greater share of the LLC to get them to sign the document.
Option Clause written into the LLC's Operating Agreement. Make it a general statement .....Say something along the lines of "If two LLC members are married and subsequently divorce, the LLC's remaining members have the option to purchase the divorced couple's interests in the LLC held individually and jointly, for fair market value. Option may be exercised any time between date of divorce and 60 days subsequent."
Go to your local law library and look up a copy of "Cunningham on Operating Agreements." He has a section in there specifically about husband/wife operating agreements.
Financial Accounting Standard 157 (FAS 157) is the set of rules that a CPA would be required by law to use for determining the value of a company or a partnership. Like all regulations, there is room for interpretation within FAS 157, but it is considered the "authoritative source" for determining the value of a company. Robert (remember him?) can include a reference to this document in the agreement he writes up for his married partners.
Here's a link to the text of FAS 157. http://www.fasb.org/pdf/aop_FAS157.pdf