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For the last year, thanks to the hard work of all of our staff, and you, our clients, no one who works at this office has gotten Covid while working here, and we have not spread a single case to any of our clients, while getting all of our client's legal needs taken care of. With the spread of vaccination the end is in sight, normal times where we can meet our clients in person in the office are just around the corner.

During the transition we will be having some in person, in office appointments for clients who have already been vaccinated, and for whom the CDC recommended period of time has passed since their last shot. Of course, for anyone who would prefer a phone or video appointment for safety, convenience, or any other reason those types of appointments are always available.

The weather is warming up and outdoor-in person appointments are now available. The updated CDC guidelines indicate that masks are not needed for vaccinated people outside if not in close quarters; although as a precaution we will continue to practice social distancing. If you have not had your vaccination, masks will continue to be a requirement.

Through the transition safety of all staff and clients will continue to be our top priority, we look forward to seeing you soon.

Please see our blog for more info on pandemic response.

Divorcing as a business owner

| Apr 2, 2019 | Divorce

Business owners in Minnesota may face special considerations when they decide to divorce. The end of a marriage always comes with an array of decisions, but those associated with a family business can be more complex. This is especially true when a high-value business or one with a great deal of importance to both spouses is involved. In most cases, a business will be considered part of marital property, subject to division as part of the divorce process. However, when one or both spouses are especially committed to the company, this can easily become one of the more contentious and difficult issues even for otherwise amicable couples.

One of the most important first steps when deciding how to handle a business in a divorce is to obtain a legitimate valuation of the venture. Due to their connection to the company or a desire to maintain it, spouses going through a divorce may over- or underestimate the market value of the company. An independent third party can review financial statements and produce a clear valuation that can allow further negotiations to proceed.

There are a few ways in which divorcing couples handle this issue. In most cases, one spouse buys out the other, keeping the business in exchange for a lesser share of other marital property. More amicable couples dedicated to the business may choose to remain co-owners and negotiate a new working relationship. Still others may sell the business and divide the proceeds as part of the divorce.

Business owners going through a divorce have specific concerns about how their financial future will develop after the end of a marriage. A family law attorney can help a client reach a fair settlement on dividing the business as well as addressing other applicable divorce legal issues.

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