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June 2013 Archives

Billionaire divorce and the effect on family business

Divorce is never easy, especially when a family-owned business is at the center of the dispute. While few Minnesota residents have family-owned businesses comparable to Harold Hamm, the oil-tycoon and CEO of Continental Resources discussed last week, and Rupert Murdoch, the Australian media mogul who recently filed for divorce from his third wife, readers can likely learn a thing or two from these entrepreneurial giants.

Property division and the benefits of a prenuptial agreement

High profile, high asset divorces are often complex. The reason that such divorces take so much time and resources is the complex asset division. Dividing assets is never easy. From negotiating who gets what to deciding the best means of disposition, the process can be arduous. One way to avoid this is to enter into a prenuptial agreement. To understand why a prenuptial is a good idea in certain instances consider the recent divorce case of oil baron Harold Hamm.

Complex asset division and the importance of property valuation

There are many reasons couples stay together long after a marriage has fallen apart. Sometimes married couples stay together because of the children or their religious convictions, other times couples choose to stay together because of money. While financial matters are always an important issue in a divorce, when a married couple operates a family-owned business, the consequences of a divorce can seem particularly perilous.

Child custody and the changing demographics of marriage

Not long ago it was presumed, if not guaranteed, that mothers got the children in a divorce and fathers paid child support and alimony. Over the last 50 years, however, the make up of the modern American family has changed dramatically. For example, according to the U.S. Bureau of Labor Statistics about 71 percent of mothers are members of the workforce and approximately 30 percent out earn their husbands.