We Are Getting Divorced. What Should We Do With Our Business?
Small and midsize businesses that are owned and run by family members can add additional complexity to a divorce. The best option is not always to sell the business, or transfer ownership to one party. In some instances, the goal is to keep these closely held businesses in the family.
I am John Daniels, a Minnesota family law attorney with more than 35 years of legal experience handling high asset divorce cases in Minneapolis, Annandale, Wright County, Buffalo and across central Minnesota. As your lawyer, I will use my knowledge and experience to handle all aspects of your divorce, including matters concerning closely held businesses.
I can evaluate your situation and help you take a realistic look at the business, how much time you want to dedicate to it and for how long. Then I will help you devise a solution that will serve your best interests and that of the business you’ve worked hard to operate and grow.
Dividing Businesses Fairly In Divorce
In divorce, closely held business owners face difficult decisions. Often the most important is whether to sell or divide the business or to remain in operation as one unit. Family businesses, particularly farms, present a unique blend of real estate and estate planning problems that further complicate the divorce process.
I have dealt with a significant number of business and family farm cases, particularly for clients in Wright County. I have the experience and knowledge of family law for business owners, and can advise you regarding the best way to deal with your closely held business or family land holding, including inheritance concerns regarding your children and grandchildren.