By Appelhof, Pfeifer & Hart, P.A. | Published July 24, 2023 | Posted in Divorce, Family Law | Tagged Tags: division of property, family business, protect your business interests | Comments Off on What Happens to the Family Business During Divorce?
When you own and work in a family business along with your spouse, it can significantly complicate your separation. What happens to the family business when you eventually decide to split? Is the business marital or separate property? The first issue is to determine whether the business is marital or separate property. Even if you started Read More
Read MoreDivorce laws have changed significantly over time. Whereas spouses once needed a legally acceptable reason for divorce, things have changed. Today, Minnesota spouses can divorce by showing the marriage is broken beyond repair. Grounds for divorce in a no-fault state Before no-fault divorce became available, spouses could only divorce if they showed the other had Read More
Read MoreMinnesota is an equitable division of property state, as well as a no-fault divorce state. This means that the fault for the breakdown of the marriage will not affect the property division, and the property is to be divided based on what is just and equitable — not necessarily exactly equal. Some of the factors the Read More
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