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Minnesota Business Owner Divorce Blog

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.

Preventing conflict when disclosing assets in divorce

Divorce is one event that many Minnetonka area couples approach with dread. They have heard so many horror stories that they do not know what to expect for their divorce proceedings. Divorce is only as easy as you make it. The first step is for you to honor the fiduciary responsibilities that the court requires of you. 

Marriage does not require spouses to combine their finances and take on joint liabilities. However, divorce does require them to provide disclosure about them. Take some time to consider the following information on divorce assets and liabilities

3 mistakes that could derail your high-asset divorce

When it comes to high-asset divorces in the Minnetonka area, the stakes are often so high that some spouses go too far in trying to ensure they get what they think is fair. This could include making erroneous allegations or unrealistic demands and doing everything they can to make the separation process more stressful for their former partners.  

You might be getting ready to file for divorce and have ideas about how custody, alimony and child support should be awarded and who gets the bigger share of marital assets. What you want may not coincide with what your soon-to-be ex-spouse has in mind. Take some time to review the following mistakes that occur in high-asset divorces. 

Hiding assets is a bad idea in a Minnesota divorce

When you spent your life working hard to build up your business, you naturally want to protect your assets from an unfair distribution. Certainly, many legitimate ways exist to help you safeguard your wealth.

However, you should take care not to cross the line into potentially illegal behavior. Some people reason that hiding assets is the only way to prevent an unfair outcome or that there is nothing wrong with taking steps to protect what really belongs to them. Keep in mind that the court may see matters very differently. Consulting an experienced attorney is the best way to develop a proper strategy for defending what is yours.

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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