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.
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.
Preparing for property division before the divorce begins
It is all too easy for high-asset couples to make costly financial mistakes during the divorce process. Often times, these mistakes are the result of emotional exhaustion and the desire to move on to quickly. While this is certainly understandable, it is important that Minnesota couples going through a high-asset remember to prepare for the financial side of the divorce. The following is a few pieces of advice on property division for Minnesota couples currently considering a divorce.
Appealing a child custody ruling for judicial bias
In Minnesota, child custody decisions are based on an evaluation of the best interests of the child. The court generally considers a number of factors when determining the best interests of the child, such as the wishes of the parents, the preference of the child and the mental and physical health of both parties. While the family court has significant latitude to make decisions in child custody matters, a parent has a right to request a review of that decision.
What to know when filing for taxes after filing for divorce
Divorce can be expensive, especially for high-asset couples with large financial holdings and extensive business assets. The cost of divorce, however, is about much more than lawyer's bills and court costs, it is often about income tax. While the following blog does not address many of the complex issues associated with tax and divorce, particularly the nuances of property division, Minnesota couples may find it as a nice primer on income tax and divorce.
Prenuptial agreements vital in high asset divorce
Divorce is rarely quick and easy, especially for high asset couples. One example of this is the Demi Moore and Ashton Kutcher divorce. As many Minnesota residents may recall the high profile couple announced their split more than a year ago. So why is it taking so long?
Communication is key to co-parenting children after divorce
Parenting after divorce can be incredibly complicated. Fortunately, there are many suitable ways to parent children - just as there can be many different appropriate ways in which to divide assets between divorcing spouses. While some couples may choose to split everything from physical custody to legal decisions fifty-fifty, others may choose a completely different path. As every Minnesota parent knows, there is no one way to raise a child or solve co-parenting and post divorce child custody concerns.
