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.
In Stillwater, when a couple chooses to end their marriage and file for divorce, there are numerous factors as to how the estate will be divided. This is made even more complicated when there are substantial financial holdings that are likely to be in dispute. This is especially frequent with people who are public figures or who have a job that has accumulated large business assets.
People in Stillwater, Minnesota who are ending their marriage have enough on their minds without having to worry about a spouse attempting to hide assets that they don't want to be part of the settlement. When there is a divorce, some couples are able to come to an agreement regarding the assets and do so in an amicable manner. If, however, there are business assets, a complex asset division, significant financial holdings and real property, there is more of a chance for disputes and attempts at sleight-of-hand.
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.
In Stillwater, a couple choosing to part ways and end their marriage is difficult enough. When there are significant financial holdings and a high-asset divorce, it can grow even harder. When navigating the harsh terrain of a marriage ending, there might be real property, a complex asset division and business assets that must be sifted through with both sides staking a claim for them.
Couples with complex estates have a lot to lose if their marriage goes bad. This is especially true when a person brings a lot of assets into the marriage. While the state of Minnesota only requires couples to spit what is referred to as marital property, it is simply too easy for non-marital property to become marital in the course of a marriage. That is why high-asset Minnesota couples should consider a prenuptial agreement.
There has been a lot of talk on this forum and elsewhere about the potential pitfalls of starting a business venture with a spouse. While this may sometimes be true, especially when things start to go south romantically, operating a small family owned business with a spouse does not have to be all bad. In fact, sometimes it can actually be good. High asset Minnesota couples facing complex asset division might be interested in the following findings.
Mixing business and pleasure can be difficult, even in good times. When things go bad, however, it is much worse. Unfortunately, despite everyone's familiarity with the age-old idiom, the mixing of business and pleasure happens all the time. In fact, Minnesota readers may find it interesting to learn, according to the most recent Census data on divorce, there are nearly 3.7 million married couples who own businesses together. That is a major risk in an otherwise unpredictable world.
Many family law professionals rave about the benefits of a prenuptial agreement. While prenuptial agreements can benefit almost any couple, regardless of their age or income, prenuptial agreements provide an added benefit to older couples with sizeable estates. Minnesota couples over the age of 50 who are thinking about marriage may want to learn more about their options when it comes to estate planning and prenuptial agreements.
Divorce can be a costly experience, which is why many high-asset couples have prenuptial agreements. A prenuptial agreement, or premarital agreement, is a contract that establishes the financial and property rights of each of the spouses in the event the couple should file for divorce. While many people view such agreements as being for the benefit of the high-earner spouse, both parties can benefit from a prenuptial agreement. Consider the following case involving Hollywood star Josh Lucas.