The final round of the National Basketball League's annual championship tournament is rapidly approaching, and many Minnesota residents are interested in its outcome. Some are excited to see which team will prevail. Others are curious to see how off the court family law drama will play out for one of the team's owners.
A prenuptial agreement might be the best wedding gift ever
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.
Divorce and business not always a bad combination
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.
Divorce and a family-owned business can be tough combination
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.
Planning for marriage over the age of 50
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.
Fate of company secure in the face of billion-dollar divorce
Preparing a family-owned business for divorce
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.
Wife asks for divorce court to enforce prenuptial agreement
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.
Failing to disclose assets in divorce can have consequences
In every divorce case, finality is one of the main objectives. Unfortunately, sometimes, finality can be hard to achieve. This is especially true in the case of some high-asset divorces, involving complex asset division. Making matters worse, the costs associated with not achieving finality is high financially and emotionally. Minnesota readers might find the following blog about an on-going high-asset divorce dispute interesting.
Divorce preparation is key to success
No one ever said that divorce was an easy process, but with a little education and preparation it can be a lot easier than you might think. Whether you are dealing with a high-asset divorce or a modest one, having all of your ducks in a row can make the whole process less stressful, less time consuming, and less expensive. Minnesota couples may find a recent article on divorce and preparation interesting.
