de Beer & Associates, P.A.

free initial consultations | email Us

local: (651) 714-2378

High-Asset Divorce Archives

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.

High-asset divorce and the impact on the family business

Divorce can be complicated, especially for high-asset couples with significant financial holdings and large estates to divide. Family-owned businesses are among the many assets that can become complicated to divide. While the final goal in dividing a family-owned business is the same as any other asset, minimizing the financial impact and protecting the client's interests, the actual technical know-how is often much more complex.

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.

Dealing with a family-owned business after a divorce

Family-owned businesses are part of the American way of life, including here in Minnesota. Unfortunately, so is divorce. According to a professor of entrepreneurship at North Dakota State University, nearly 65 percent of all U.S. businesses are family-owned, with approximately 30 percent co-owned by spouses. With so many buisness owned by married couples it is essential that all couples have a plan for handling the business after a 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?

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.

Lack of prenuptial agreement results in huge loss to Buzz

A prenuptial agreement is important for those looking to protect property interests following marriage. In some cases, failing to draft a prenuptial agreement can result in painful losses. Think McCartney! The following is another example of bad planning by a high-profile couple with complex asset division issues, including a family-owned business, and the painful effect of not entering into a prenuptial agreement. Minnesota couples should consider this a warning.

For many Minnesotans, January may be a time for new beginnings

Whether it is the result of a desire to make change or simply to postpone tax consequences, divorce is particularly popular in the month of January. Regardless of why a couple decides to end a marriage, the fact is that divorce can be a long process, especially for high-asset couples with complex asset division. The following is some advice for Minnesota couples considering filing for a divorce. If nothing else, it might help some couples begin to prepare.