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Tips for Protecting Your Business in a Divorce

If you’re a business owner going through a divorce, it’s critical you do everything you can to protect your business interests. Your livelihood moving forward depends on it. Here are just a few strategies you can employ to accomplish this.

  • Contracts: You can develop either a prenuptial (referred to as antenuptial agreements in Minnesota) or postnuptial agreement, which are designed to facilitate simpler resolutions about key issues related to the marriage, including division of business interests. If you owned the business before you were married, for example, you could include a stipulation in the contract that your business should be classified as separate property, but also that value added to the business after the marriage could be considered marital property.
  • Sole owner: In the absence of a contract, you could seek to establish yourself as your business’s sole owner, and clearly specify that in your company’s organizational documents. You may be able to include stipulations in organizing documents that the company cannot be transferred in the event of a divorce.
  • Record keeping: Make sure you keep clear and detailed records of all sources of capital for the business, which will help you prove whether expenses came from premarital or marital assets.
  • Financial organization: Keep all business and personal expenses and accounts separate, otherwise you could lose a significant amount of money in your divorce.
  • Pay your spouse: If your spouse works for your business in any capacity, make sure he or she receives market rates for their position, otherwise they could attempt to seek a larger take as part of the divorce.

To learn more about how you can best protect your business during a divorce in Minnesota, speak with an experienced family law attorney at Appelhof, Pfeifer & Hart, P.A.

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Client testimonials
  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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