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A family business can be a major concern under divorce

On Behalf of | Nov 30, 2017 | Divorce

Minnesota entrepreneurs going through divorce can face particularly difficult circumstances regarding the handling of their businesses. Dividing up a family or personal business that is owned by one or both divorcing spouses can be one of the most complex events at the end of a marriage. Many entrepreneurs have a deeply emotional connection to their businesses, especially when years of time have gone into building a successful enterprise.

For many business owners, the enterprise can be the single most valuable financial asset at stake in the divorce negotiations. Even in a high-asset divorce, a personal business that is successful can play a major role in the settlement. In order to ensure that the asset is dealt with appropriately, it is very important to obtain an accurate valuation. A forensic accountant can be a helpful resource in properly determining the value of the business.

Some factors that can be examined during asset division in a divorce include whether the business was founded before or after the marriage and the level of involvement of each partner in the business. When it is time to complete the divorce settlement, the business can be dealt with in one of a few possible ways. Some divorcing partners may choose to sell the business and divide the proceeds under the settlement. For many more spouses, however, they prefer to compensate the other partner with a greater share of other marital assets and keep the business intact.

A lawyer could be an essential ally during a high-asset split that involves a business and other complex financial matters. The attorney may provide representation and protect a divorcing spouse’s interests in a business.

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