Category: Divorce
An Overview of Business Valuation and Division in Divorce
October 13, 2022 | Jason C. Brown
Business owners face a unique set of challenges as part of a divorce. The valuation and division of business interests can be complex and stressful. At a fundamental level, understand that a business is an asset of its owner. Minnesota law provides that the assets of the parties to a divorce are divided in an “equitable” manner. That almost always means equally. Minnesota law also recognizes that if a party to the marriage brings an asset into the relationship, the asset likely has a nonmarital component that is not subject to division. If the value of the nonmarital business grows during the marriage, the increased value is considered marital. The key to determining the significance of business ownership often rests in the value of the business itself. Naturally, the more valuable the business, the more attention it receives. Business valuation is as much art as science. Our family law group works with the more reputable business appraisers in the Twin Cities. These experts typically invoke one of three methods to offer an opinion as to the market value of a business: (1) the balance sheet approach; (2) the multiple of profits approach; and (3) valuation based on comparable business sales. Valuation of a business using a balance sheet approach is relatively straightforward. The…
Read MorePutting Children First: Co-Parenting Through a Pandemic
February 5, 2021 | Elizabeth A. Schading
Co-parenting under normal circumstances presents many challenges for families of divorced or separated parents. Add a worldwide pandemic to a tenuous, oftentimes contentious, family dynamic and the results can be devastating for everyone involved. During COVID-19, many families are discovering that previous co-parenting arrangements may not withstand the demands associated with sheltering in place and remote/distance learning. This can amplify an already stressful situation. Read our blog as we discuss ways to help families cope with the challenges associated with co-parenting through a pandemic. Ensure safety when changing households Many parents wonder if it’s safe to have their children travel back and forth between two households, especially if the other parent is at a higher risk for exposure through work or contact with others like a stepparent or significant other. Some have even gone to court over such matters. Parents should make every effort to talk amongst themselves to discuss how to address safety concerns before getting the courts involved. Maintain open lines of communication Oftentimes separated or divorced parents are estranged from one another, making communication and planning quite challenging. However, parents should try to set aside their differences and focus on the heath and well-being of their children. Maintaining open and honest lines of communication is critical. If you find communicating…
Read MoreWill Mediation Make My Divorce Go More Smoothly?
June 26, 2018 | Elizabeth A. SchadingWhen people get married, they aren’t planning for divorce. When a divorce does happen, it can be confusing and upsetting. In fact, a divorce is one of the toughest things you can go through, especially when there are children involved. So, when it comes to considering the divorce from a legal standpoint, you will be thinking about all of your options. You may want to resolve things amicably and as fast as possible, but this is not always the case. You may think that litigation is the only path you can go down to finalize your divorce, but there are other options that are open to you. These options can help you save money on your divorce as well. This includes mediation. So, let’s have a closer look at mediation and see if this will suit your particular needs. This is a process where you can enter discussion and negotiation with your former partner to reach a divorce settlement that will suit both of you. It is less like a competition, which can happen at litigation; it is more about working together to reach a solution. There is a neutral third party called the mediator who will guide you and help you when you need it. In addition, you can bring…
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