Minnesota residents who co-own a business with a spouse or soon-to-be spouse should be aware of how to protect their family business in the event of a divorce. This may be particularly important if the business has increased in value over the years or if the owners have a majority of their net worth tied up in the business.
Divorce and protecting the family business
Protecting trusts and family assets
In some cases, Minnesota parents may want to give certain financial assets or other property to their children in order to pass it down through the family. If the child later gets married, however, those assets could potentially be divided up in a subsequent divorce unless the family makes the move to protect them.
Child support rule may keep incarcerated parents out of debt
For Minnesota parents who become incarcerated, paying child support when they no longer earn an income can have detrimental effects on their ability to stay out of poverty. In some cases, parents find themselves heading back to jail because they do not have the financial ability to pay back their child support debt.
Cuba Gooding Jr. to divorce wife following separation
Minnesota residents who enjoy reading celebrity news may be interested to learn that Cuba Gooding Jr. filed for divorce from his wife, Sara Kapfer, of 20 years. The two were married in 1994 and have three children together, including a 10-year-old child.
