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Minnesota Business Owner Divorce Blog

5 tips to help you prepare if you are considering divorce

If your marriage is in trouble and you are thinking about options, you may eventually settle on divorce as the best solution. Divorce is never pleasant, but preparing for it will make the process go smoother. Here are five tips to help you plan ahead.

1. Educate yourself

What to expect in a high-asset divorce in Minnesota

An intimidating part of getting a divorce is not knowing what to expect. The fear of years of court battles and complications may have you hesitant to proceed. Maybe you have seen how your friends' divorces have gone and believe yours will go the same, whether good or bad.

Every case is different, because every couple is different and has a unique situation. What happens to others is not a reflection of what your divorce will be like. Even when high assets are involved, you can have a smooth divorce if you prepare properly.

Business valuation may be an important part of your divorce

If you are a business owner headed for divorce, your business will be the focal point during the property distribution phase.

In order to determine the equitable distribution of this important item, your attorney will see that a proper value is placed on the business.

How to focus on running your business during a divorce

Running a business is stressful. With a divorce on top of the responsibilities of being a business owner, you may feel stress taking over. Even though it feels like your world is falling apart, you still have professional duties to fulfill, which may feel impossible.

While it may be difficult to be productive and have it all together, it is possible to continue operating a successful business amidst a divorce. Here are some tips for managing your workday while ending your marriage. 

Is your spouse committing financial fraud?

If you and your spouse are contemplating a Minnesota divorce, issues regarding your children likely occupy the forefront of your thoughts. Second place, however, may be your upcoming property settlement agreement, especially if you and (s)he are a high-asset couple. You may even suspect that your spouse has begun hiding assets from you so as to better his or her financial position.

Unfortunately, spousal asset-hiding, a form of financial fraud, happens on a fairly frequent basis in families that have accumulated a substantial amount of wealth during the marriage.

Will you make a New Year’s Resolution to file for divorce?

The holidays are approaching, and it will not be long until families gather around the Thanksgiving table. Then come the Hanukkah and Christmas festivities, followed by New Year’s.

Many people make New Year’s Resolutions. Will yours include heading for divorce court?

How to shield your business from divorce

Your business is your life's work and your livelihood, and when it comes to divorce, all of that may be at stake. The complex laws governing the intersection between divorce and business make asset division a critical and delicate task.

Without the right knowledge of how to protect your business in the divorce proceedings, you may be putting everything you have at risk. Here are a few tips to help you prepare for the divorce in terms of keeping your business safe and mitigating the negative financial effects.

Your family business will be the focal point in your divorce

If you have minor children, their welfare will be top of mind if you are facing divorce. Running a close second, however, will be the fate of the family business.

Whether you and your spouse started this enterprise or are managing a family company that has been a going concern for decades, you have to decide what to do with it. Here are three options to consider.

How a premarital agreement might complicate divorces

Premarital agreements, also known as prenuptial agreements, are often used to protect the interests of both parties in the case of a divorce. In theory, they make divorces easier to process. For instance: X, Y and Z have been agreed to, so we will do X, Y and Z.

In reality, premarital agreements can complicate divorces, but that does not mean you should skip them. They can help protect your business and other high-value assets. Just understand that your divorce may not necessarily go smoothly just because there is a premarital agreement.

Are my assets better protected if my spouse caused the divorce?

You own a flourishing business and enjoy many high-value marital assets such as a house that you worked hard for. Now your spouse has filed for divorce, saying that she has fallen in love with someone else. Or maybe you are the one to file because your spouse has become someone you do not recognize. In any case, you feel that the divorce is your spouse's fault, so does that better protect your high-value assets, giving you an increased shot at retaining them?

The answer is no when the divorce is contested. This is because Minnesota practices no-fault divorces. Regardless of who the fingers are pointing at, judges must decide asset division in an equitable way. You do still have options for an uncontested divorce.

For effective representation on a wide range of legal issues, turn to Hajek & Beauclaire LLC, for representation that always puts your interests first.

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