de Beer & Associates, P.A.

free initial consultations | email Us

local: (651) 714-2378

Posts tagged "family-owned business"

Billionaire divorce blessed by prenuptial agreement

Divorce is never easy, but for high-asset couples, divorce can be much more complicated. From dividing up family-owned businesses to complex asset division, high asset divorce is often a long and involved process. Nevertheless, it is possible for couples to pre-emptively address some of the major issues that come up in a complex, high asset divorce case. The answer can be found in two simple words: prenuptial agreement.

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.

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.

Updating legal documents once the divorce is finalized

In a high-asset divorce, there are many complex issues that need to be addressed both before and after a divorce is finalized. During the divorce itself, couples focus on custody rights, complex asset division and financial support concerns. After Minnesota couples finalize their divorce, it is important that they revisit a number of important legal documents. The following is a brief overview of some of these legal documents and why they matter.

Maintaining a family-owned business throughout a divorce

Managing a business throughout a divorce can be a complex and emotionally trying experience. Divorce can leave family-owned businesses vulnerable to a number of serious consequences, including dissolution. While no one plans on divorce, it is usually reported that approximately 50 percent of marriages in the United States end in divorce. That is just one reason why it is so important for couples with family-owned business to plan for the possibility it may occur.

Divorce agreements and the new federal tax law

For many Minnesota couples considering divorce, the cost of divorce can be overwhelming. What few people know, however, is that the real costs of divorce are not attorney fees or court costs but rather taxes. Unfortunately, the recently enacted federal tax law, which went into effect at the beginning of 2013, will likely cost wealthy Minnesota couples a whole lot more. Minnesotans considering divorce might find the following blog on taxes and divorce helpful.

Is it possible to run the family business with your ex-spouse?

No one can deny that running a business is difficult. It can be significantly more difficult, however, if your business partner is your ex-spouse. Nevertheless, couples with family owned businesses divorce every day. While it's generally known that professional affairs can become complicated when mixed with family issues, , sometimes there may not be a way around it. The following is a look at divorce and the family business, and some tips for Minnesotans facing this divorce related issue.

What are considerations to make in a high asset divorce?

Financial security is a big issue for couples facing divorce. With all of life's uncertainties, the effect divorce can have on certain property or assets, such as a family-owned business or a lake home, only adds to these potential obstacles. Fortunately, there are ways to thoughtfully work through a high asset divorce by protecting an individual's assets in order to establish a more comfortable financial future for both parties involved.

Family-owned business assets do not have to suffer in divorce

Once upon a time the divorce rate in the United States was minuscule. Even as the rate of divorce began to climb among urban dwellers, the divorce rate for farm couples remained low. Around 40 years ago, however, this began to change, and the divorce rate for farm couples began to increase. Today the rate for farmers is about the same as for non-farmers.