Criminal Defense : Family & Divorce Law : Professional License & Maltreatment : Child Protection Defense : Estate Planning : Tax Law : Appeals : Juvenile Defense

Family businesses and divorce in Minnesota

Many people who marry decide to open a family business or bring their spouse into an existing family business, which might be a great way to provide for the family. If there is a divorce, however, it can create a variety of problems. In addition to ending a relationship, divorcing individuals sometimes have to decide whether to sever their business relationship.

For some people, the business can continue as it has. This is normally possible when divorced couples are able to be cordial to each other, even after their marriage ends. However, for many individuals, a healthy professional relationship may not be possible. In these cases, the business will need to be sold or one person will need to buy out their spouse's interest in the company.

If a couple decides to sell their business, a valuation will need to be performed to figure out how much the business is worth. If one person buys out the other, they will need to determine how much one person should pay the other for their interest in the business.

There are a number of issues that a couple going through a divorce will have to deal with, even if a family business is not involved. Asset division will require a couple to determine their total assets and debts and divide them up. If the couple has children, it will be necessary to determine issues of custody and child support. A lawyer could explain someone's options for handling their divorce, and he or she might be able to represent them during it.

No Comments

Leave a comment
Comment Information

We Can Help. Contact Us.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Groshek Law PA
530 N 3rd St.
Suite 310
Minneapolis, MN 55401

Phone: 612-424-5829
Phone: 612-424-5829
Minneapolis Law Office Map

Call for a consultation