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Family businesses and divorce in Minnesota

| Mar 14, 2016 | Divorce

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.

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