After spending significant time and effort turning a company into a successful endeavor, business owners might not want to let anything affect the future of their enterprises. Business owners in Minnesota who face a divorce may worry about the role their company might play in the process and they might not fully understand their available options and how best to safeguard their interests. Knowing some vital topics to address regarding a business in a high-asset divorce might be integral to helping a person better prepare to seek the best outcome possible regarding its future.
Type of asset
One of the most integral topics to address could pertain to determining whether the business or a portion thereof is marital property. Some factors that might influence this process could involve whether a person started the business before marriage and how one handled business assets during the relationship. While a business started before marriage may retain its separate identity, if assets were mingled with marital possessions, or if the business increased in value during this time, a portion thereof might be deemed marital property.
Another essential factor to consider could involve whether one’s spouse took an active role in company operations. The presence of prenuptial or post-nuptial agreements could also dictate how a business will be handled during divorce proceedings. Even if a portion of a company is marital property, there may still be certain options to help business owners pursue sole ownership of their companies.
Businesses are a common example of a complex asset that might play a significant role in the outcome of a high-asset divorce. Individuals in Minnesota who wish to preserve the well-being of the companies they worked so hard to build could consider consulting with an attorney for advice in addressing their questions and concerns. A family law attorney can help a client better prepare to evaluate his or her available options and create a strategy for divorce proceedings that best aligns with his or her wishes for the future.