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Minnesota Business Owner Divorce Blog

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.

How can I protect my assets from my wife in a Minnesota divorce?

Divorce is a challenging time on many levels, especially emotional and financial. If you are the primary or sole breadwinner in your household and your wife does not work or does not earn as much as you, then the financial aspect of divorce can be particularly critical.

You may wonder how you and your wife can divide your assets in the divorce process when the contributions the two of you have made seem so lopsided. If you are unable to come to mutual agreements and there is hostility between the two of you, you may worry that your wife will try to take more than her fair share of your assets. 

2 things to consider about divorce and your company

When it comes to divorces that involve businesses in the Minnetonka area, one can never be too thorough. You do not need to stay with your spouse in order to be able to protect your business from the fallout of divorce, even if she is a partner.

Now, there are many different worries a business owner may have during a divorce. Divorce can cause complications that could have the potential to interfere with the way you manage your company. Here are some things to consider about divorce and business.

Why divorces often spike after the New Year

The holiday season can prove stressful for everyone, thanks to tight schedules, tight budgets and familial obligations. If you are like many people in marriages across America, you may, too, find that you become particularly disenchanted with your significant other after the holidays pass. Maybe you disagree with your partner’s spending habits, maybe you’re tired of seeing your in-laws or perhaps you simply feel the spark has gone out.

If you are feeling this way after the start of the year, you are not alone, as divorce filings often spike in the month of March, after unhappily married individuals do their research and secure divorce attorneys. Why are the first few months of the year such a popular time for divorce filings?

3 ways to divorce-proof your business

If you are in the formation stages of starting a business or have been in charge of one in Minnetonka for a long time, it helps if you take measures to protect it. Believe it or not, your relationship can affect your company if things end badly between you and your spouse. Divorce is one situation that can cost you your business if you are not careful. 

Even if you are single now, it is crucial for you to make provisions to protect your company in advance of marriage. The more effort you put into shielding your company from a nasty divorce, the easier it will be for you and it to make it through the process unscathed. 

Business valuation in a Minnesota divorce

If you own a business, protecting it often takes top priority as you consider your approach to the financial aspects of an impending divorce. If your business or any part of it is marital property and therefore subject to division, a comprehensive and accurate valuation is essential.

In some cases, the divorcing spouses may agree on a financial expert to perform the valuation, while in others, each party retains a separate expert. The expert not only assesses the current value of the business but also projects future income, which may become relevant to other subjects of the divorce negotiations, such as spousal support.

What can I expect in a divorce?

One life event that you likely did not see coming is a divorce. You married your spouse with the intent to separate when you die. But at some point in your lives, you both changed, and the feelings you once had for each other are no more. 

Divorces are never easy. If you are not prepared for one, you may become stressed out trying to keep up with all the changes that are going to happen. Once the process starts, there is no turning back. Take some time to learn what to expect during your divorce so you can take measures to prepare yourself and improve the outcome. 

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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