When a Minnesota couple chooses to part ways and get a divorce, there are numerous issues that must be navigated. If it is a divorce with significant assets and hefty financial holdings, it's likely that the disputes will be more intense as to which side will receive what once the divorce is completed. With family-owned businesses, business assets and a complex asset division, it's inevitable that the sides will try to find ways to keep as much as they possibly can.
For couples in Minnesota who have significant assets, the process of divorce can be exponentially more difficult than that of a couple with limited assets. In many instances, there are substantial business assets that will be difficult to separate as the process moves forward. Each side might claim to warrant a larger piece of the financial holdings than is agreeable to either. With family-owned businesses with each side laying claim to its growth, the issues can get disagreeable and difficult.
Anytime a couple in Stillwater chooses to end their marriage, they will have numerous issues to sort through. A divorce, no matter the circumstances, will have financial and personal aspects that must be waded through. In some cases, the sides are in constant battle. The more significant financial holdings, the more likely it is that there will be disputes over who will get to keep what once the proceeding is finalized.
Filing for divorce can be an exceptionally emotional and complex process for small business owners. With the unpredictable nature of the divorce process and the need to divide marital assets there can be real concerns that a family-owned business will be lost in a divorce. Fortunately, this does not have to be the case. Minnesota couples with family-owned businesses may find the following divorce blog interesting.
When married couples go through a divorce in Minnesota one of the obligations of the courts is to ensure that there is a proper and fair division of the couple's marital assets. While any given marital asset can be complicated to divide, some of the most complex assets to divide are family-owned business.
In some situations, a high-asset divorce with complex asset division can be downright difficult. Fortunately, it is possible for high-asset couples to reach an amicable divorce settlement agreement, no matter how much money or property is at stake in the divorce asset split. Minnesota readers may be interested in the recent divorce between billionaire media mogul Rupert Murdoch and ex-wife Wendi Deng Murdoch.
Minnesota readers probably have some general perceptions and opinions of prenuptial agreements but what readers may not have necessarily understand is the delicate nature of drafting a good prenuptial agreement. The effect of a poorly drafted prenuptial agreement can be devastating, going so far as to leave the prenuptial invalid. There are key elements to consider when drafting a prenuptial agreement in order to ensure the protection of assets and parties in a high-asset divorce.
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.
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.