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Minnesota Business Owner Divorce Blog

2 things to consider about divorce and your business

When it comes to divorces that involve businesses in Minnetonka, one can never be too thorough. You do not need to stay with your spouse in order to protect your business from the fallout of divorce, even if she is a partner. Though you should have taken measures to shield your business from separation before your marriage, all is not lost. 

Divorce can cause complications that interfere with the way you manage your company. Here are some things for you 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. 

3 assets that may be most vulnerable in a divorce

There are a number of concerns that arise for any couple going through a divorce. If you have kids, you will be understandably concerned about custody arrangements. If you have a business, you want to make sure that it does not suffer as a result of the end of your marriage. The latter of these is one of the most common property division issues that face high-asset divorcees.

You should be aware of the assets that are likely to be most vulnerable in a divorce. Whether or not you have a pre- or postnuptial agreement in place, it is advisable to attain legal representation, too, to help you navigate the complexities of asset retention as well as the other issues you will face in a divorce. 

Make your business a success and secure your future

When you start a small business you have a lot of important details to consider. According to a LinkedIn report, there is nearly a 1 in 2 chance that a start-up will go out of business within five years. Your business will be your livelihood. That number can be nerve wracking. You want your business to be successful. The goal is to secure your future. You want to be a successful owner and boss.

These best practices can help:

Will my prenup hold up in court? 6 questions to ask.

Determining whether or not your prenuptial agreement will stand up in court is not complicated if you take time in advance to make sure it follows some important guidelines. The first, and most important, thing to remember is that the agreement needs to be in writing and it needs to be notarized. In addition to this major requirement, the courts will need to determine the following facts.

Can I protect my business from my spouse?

Horror stories abound of individuals who have spent years building up a profitable business losing it all during a divorce. Courts look at a lot of things when deciding how to divide property, and even though you may have owned your business before you got married, you may face having to divide it along with your other assets.

Nobody plans on their marriage ending in a divorce. When it comes to something large, like your business, you will ideally have protections in place before going into the marriage. If you don't, hope is not lost. It just will require more planning. Here are four ways you can avoid losing it all.

The difference between separate and marital property

The difference between separate and marital property

Determining who gets what share of the property and assets after divorce is critical. A key component to this process is to first determine which property is marital and which is separate. But how does court decide? Here are some general criteria so you understand what to expect.

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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