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Edina Family Law Blog

What will happen to your business after divorce?

Business owners have plenty on their plates. Throw a divorce into the mix and life can become even more overwhelming. While there are many different elements to navigate during divorce, as a business owner, you may be particularly concerned about what is going to happen to your business.

Divorce and business is a particularly complicated issue to navigate. You may have questions that you cannot find the answers to. Here are a few common issues people encounter during divorce.

How can you prepare yourself for a divorce?

Getting a divorce can be overwhelming and extremely complicated. It is a difficult experience to go through, emotionally and mentally. Unfortunately, there is no easy or simple way to navigate the process.

However, there are certain ways you can reduce your stress during a divorce and better prepare yourself for what will happen. Here are a few ways you can prepare and be ready to take on this experience.

How can you protect your business during divorce?

If you are a business owner, getting a divorce may be even more complicated than usual. While you have to consider your family, finances and the emotional effects of divorce, you also have to think about your company and its future. Navigating a divorce when there is a business involved can be complex and stressful. Just like with other assets and finances, your business may have to be divided between you and your spouse during a divorce.

Fortunately, there are ways you can protect your business from the toll of your divorce. There are a few steps you can take before your divorce is even filed to help guard your business from the effects of an upcoming divorce, letting you keep your company intact and thriving. What methods are there to do this?

Breaking the news of your divorce later in life

Choosing to divorce over the age of fifty is a tremendously difficult decision to make. But what’s even more difficult comes after you’ve made up your mind.

Even before the business of asset division and retirement planning, you’ll need to break the news of your decision to everyone. Here are a few tips to help you make it through this daunting task.

Your spouse had an affair, what happens next?

It is no secret that infidelity can make a marriage fall apart. Finding out your partner is having an affair can be devastating and you may not know what your life should look like next. Should you work it out with your partner or end your relationship? What should you do now?

Give yourself time to cope

Mistakes you should avoid during a high-asset divorce

Divorces can be stressful and messy. When it comes to divorce, you may be worried about everything from your home, possessions, pets and of course the children. Divorce is never the same for everybody. Some get through it relatively easy while others are clawing at each other every moment to the end.

If you are part of a high-net divorce, you are in a unique position that many other couples do not experience. Being in this situation can lead to mistakes that may end up costly and devastating. With valuable assets on the line, here are some mistakes you should avoid.

Honesty is key during the divorce process

Honesty is an admirable character trait. Healthy relationships oftentimes grow on the foundation of such integrity. Telling the truth gives us credibility and builds up respect. Unfortunately, divorce changes things. It’s natural for spouses to shift into a protective mode. A lot can be at stake, especially when high assets and child custody is involved. Even someone with the strictest of moral standards could fall vulnerable to a few white lies in the process. But a few “innocent” lies here and there could drastically affect the outcome.

Why you shouldn’t compare your divorce to your neighbor’s

Divorce is a process that feels stressful and isolating. You are separating from someone you previously committed to. You might feel as if you need someone who went through the process to give you advice on how to handle the proceedings and fallout.

However, no two divorces are the same. The circumstances around your divorce and your neighbor’s can be vastly different, and not all the advice your neighbor has would be applicable to your situation. Here are some ways that your divorces can vary:

Can I take the kids to the cabin with my custody arrangement?

Summer in Minnesota means the kids are out of school. Boating, fishing and trips to the cabin are probably in your future. But will your custody agreement allow you to take your kids on vacation?

Vacation time is something you should consider when negotiating custody of your kids. There are a few different ways you can arrange vacation time in your custody agreement so you can take your kids on the fun vacations they want.

Stay-at-home moms must protect their finances in a divorce

When you and your husband had children, you decided to stay home to take care of them and tend to the house. It wasn’t an easy decision to leave your career, but you felt that it was the best option for your family. Now, you and your husband are going through a divorce—and your financial future looks very uncertain.

Women who decide to stay home with their children face a bevy of financial problems in a divorce. You may feel concerned about becoming financially independent, maintaining your lifestyle and caring for your children.

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