Crains New York - July 9, 2012 - (Page 26)

Cohabitation contract Continued from Page 25 SOURCE LUNCH: by Lisa Fickenscher JOHN ‘OZZY’ OSBORN protections that a prenuptial agreement provides. As a result, “cohabitation agreements” are increasingly taking their place.The legal contract sets up the financial obligations for each party while they are together and what the expectations are if the relationship ends. Some go so far as to specify more personal guidelines for the relationship, like who gets to choose the vacation destination each year or even how often the couple has sex. “More people are opting to do this,” said Ann-Margaret Carrozza, an attorney who specializes in estate planning and elder law. “It sounds cold, but just like jumping into a cold pool, if you get this out of the way, things get better from there.” Ms. Carrozza, who has been practicing law for 15 years, drew up her first cohabitation agreement five years ago. This year, she has already done around 100, more than in all her prior years combined. It’s easy to see why she’s so busy. According to the Census Bureau, married couples represented just 48% of American households in 2010, dropping below half of all households for the first time. The trend is most pronounced in New York state, which has the highest percentage of women nationwide who have never been married. In New York City, never-married women make up 41.7% of the population, up from 38.7% in 2006. The numbers are even higher for men here: 46.7% have never been married, up from 43.4% in 2006. With stats like these, say experts, cohabitation agreements are more important than ever. “Like most states, New York does not recognize common-law marriage,” said Liz Mandarano, a Manhattan-based attorney specializing in matrimonial law. “Therefore, individuals who cohabit, even for decades, are legally considered strangers when it comes to property rights.” PROTECTING YOUR VALUABLES ATTORNEY ANN-MARGARET CARROZZA typically charges anywhere from $1,500 to $2,500 to draw up a cohabitation agreement, depending on the level of complexity. Here is her list of essentials: Both parties should have separate counsel. Set forth how the “poorer” party will be made whole (or not) in the event of a breakup. ● Deal with pet-custody issues. ● Immunize yourself against the other party’s debts. ● Decide whether the parties will be each other’s health care proxy and who will have power of attorney. These are separate documents that need to be crafted. ● Determine who gets what in the event of breakup or death. ● Remember to also revise your will. —MIRIAM KREININ SOUCCAR ● ● Advertising exec new NY campaign J That is what drove Miranda White, a 30-year-old real estate entrepreneur, and her boyfriend of four years to sign a cohabitation agreement. The couple decided not only to move in together but to buy a place in TriBeCa. Although Ms. White said they were in a loving, committed relationship and planned to get married if they decided to have children, for now each wanted to protect their investments in case the relationship didn’t work out. In addition to splitting the apartment sale proceeds if they Some couples find crafting the document romantic should break up, Ms. White has dibs on the couple’s golden retriever and their new Knoll sofa. “He and I are both realistic people,” Ms. White said. “For me, it’s a business transaction. I support prenups,and I support both people leaving with what they come in with.” Impossibly, some couples find the process of crafting the document romantic. Gregg Sullivan, a never-married 53-year-old media executive and founder of Bayside Live TV, said he finds the notion of marriage antiquated. “All those TV shows like Bridezillas and Say Yes to the Dress hurt the future of marriage because they make it look so unappealing,” Mr. Sullivan said. “The [cohab] agreement frees people to express themselves romantically but individually, as opposed to the artificial social construction of this marriage ritual.” Mr. Sullivan and his girlfriend of five years, Antonia Mantus, are finalizing a cohabitation agreement that will include health care proxies and the formalization of his plans to leave her “the bulk” of his estate. Mr. Sullivan hopes it will give Ms.Mantus, a hospital administrator, the security she feels she needs to give up her apartment and move in with him. It will also include things that Mr. Sullivan said he is still getting used to, like Ms. Mantus’ desire to help pay their living expenses. “There is more equity today,” Mr. Sullivan said. “It’s a more evolved romance.” LISTEN to a discussion at CrainsNewYork.com/podcasts ohn “Ozzy” Osborn, 45, the president and chief executive of BBDO New York, recently landed a plum piece of business: rethinking the iconic “I Love New York” tourism campaign, as well as developing a separate initiative to attract more business to the state. In addition, the veteran ad man was just named chairman of the American Advertising Federation. Did you always see yourself in the advertising business? I watch it religiously.Thank God the industry has evolved since then; otherwise we’d all be dead.The drinking and smoking have definitely changed. Diversity is probably the most important issue facing the advertising business today. Is that because it’s led by mostly white men? I actually wanted to be a meteorologist. As a kid, a family member built me a chicken coop to teach me how to be responsible. I had 50 chickens and suddenly more eggs than I knew what to do with, so I sold eggs on a street corner. After your stint in the poultry business, what influenced your decision to join the ranks of Madison Avenue? Your words, not mine. I think there needs to be more diversity and not just black, white, male, female. My job is to attract and retain an unfair share of the world’s best talent. We have a robust diversity initiative at BBDO, because it helps us do our business better. We have to understand and reflect the same degree of diversity that makes up our audience. You’ve been with BBDO for 20 years. Are you surprised by your longevity there? I left briefly in 1995 to work at Nike, and I realized that I like being closer to the creative side of the business. I grew up in a singleIt’s been a good run here. parent household. I don’t But BBDO turned me remember my father [as a down when I applied for a Bar Americain child] because my parents job during my senior year 152 W. 52nd St. (212) 265-9700 divorced when I was 6 at Dartmouth College. I www.bar years old. A couple of years worked for Saatchi for americain.com ago, my father and I met three years until I heard up and sort of cleared the there was an opening at AMBIENCE: Big power-lunch spot, air. I realized how imporBBDO on the Diet Pepsi soaring ceilings, tant it is to show up and account. I really wanted comfortable halfgive back. As marketers, I it, but BBDO told me I booths think we have a responsiwasn’t seasoned enough bility to do well by doing for the job. Eventually I WHAT THEY ATE: Mahi mahi, good. pried the door open by Napa cabbage telling them that I’d inslaw, salsas, flour Does that mean you’d turn terview for another piece tortillas down work from a cigarette of business that the Southwestern company? agency had, and when I Cobb salad, pulled chicken, Yes, we would. got there for the interchipotle dressing, view, I told them I wantcookie plate, iced You’re revamping the “I Love ed to work on Pepsi, so teas New York” campaign and askthey introduced me to the Tab: $78 ing people to submit drawguy who runs the acings. How’s that going? count. I got the job. We have over 500 drawings that people have submitted, which is extraor- You must be on all the time. How do you dinary.There was this immediate re- turn down the volume? action after the campaign was I take long walks in the woods in announced that we are trying to re- Connecticut with my two black place the heart. We are not changing Labs. One of the hardest things for the slogan. All of the communica- me in life is that I have this drive to tions are the same. We are just pro- give back and to get involved in so viding a canvas so people can express many things, whether it’s the Police Athletic League or the Christopher all the reasons they love the state. and Dana Reeve Foundation—I’m a What do you love about New York? board member of both. Then there I would answer it in one word: are those days when I’m riding the diversity. train home and I think I’m never going to abandon the dream of being a Are you a fan of Mad Men? meteorologist. WHERE THEY DINED INSIDE TIP Look for chef Bobby Flay, who’s often at the restaurant. 26 | Crain’s New York Business | July 9, 2012 http://www.baramericain.com http://www.baramericain.com http://www.CrainsNewYork.com/podcasts http://www.facebook.com/CrainsNewYork http://www.facebook.com/CrainsNewYork

Table of Contents for the Digital Edition of Crains New York - July 9, 2012

Crains New York - July 9, 2012
Contents
In the Markets
The Insider
Small Business
Business People
Executive Moves
Real Estate Deals
Opinion
Greg David
For the Record
Classifieds
From Around the City
New York, New York
Source Lunch
Out and About
Snaps

Crains New York - July 9, 2012