For self-employed Minnesota professionals and small business owners, divorce poses a unique set of challenges. How will the business be managed during the divorce process? Will the necessary sharing of financial information with a spouse during divorce compromise trade secrets or professional confidentiality? If the other spouse is currently involved in the business, what will his or her role be going forward? Will the business need to be sold to satisfy a divorce settlement, and if so, what will the tax consequences be? How will the business owner's income be calculated? And perhaps the biggest question of all, for both spouses: how is the business to be valued for purposes of dividing marital property?
Business owners frequently worry that a spouse will successfully argue for an inflated business value so that they will effectively receive a greater share of assets in the divorce. Spouses, on the other hand, tend to fear that the business owner is undervaluing the business for divorce purposes, or even concealing assets. Mutual mistrust can lead to ongoing divorce court battles, which consume assets that should have benefited the parties. The right legal counsel can help divorcing spouses keep control of the process and reach an outcome that works for everyone.
If you've poured time, effort, and money into building a business, the last thing you want is to see it gutted by a contentious divorce. Likewise, if you've provided invaluable support to a spouse as he or she built a business, you want to receive fair compensation for your contribution.
Attorney Susan J. Mundahl and her associates concentrate their practice primarily ly in the area of Minnesota family law, including complex divorce matters involving family businesses or significant assets. At Mundahl Law, we are familiar with the complex needs of divorcing parties who own a small business or professional practice. Our goal is to help our clients achieve a good financial outcome in their divorces while preserving the businesses they and their spouses have worked so hard to make profitable. We maintain relationships with business valuation experts and other professionals who can, as needed, provide data essential to the decision-making and negotiation process.
Mundahl Law offers a variety of divorce options to meet the identified needs of our clients. Because protracted legal battles are costly for clients, we make every effort to help parties resolve their divorce matters short of trial, through negotiation, mediation, or other alternative dispute resolution (ADR) processes. But there are times when a trial is the only venue for protecting our client's interests. We are aware of that, and we have the experience and courtroom skills it takes to successfully litigate these cases whenever the need arises.
We will discuss your unique circumstances, including the needs of your business or practice, and map out a plan designed to address your goals. Whatever type of divorce option you pursue, Mundahl Law will be at your side every step of the way.
Going through a divorce is hard enough on your personal life; it shouldn't cause additional problems in your professional life. At Mundahl Law, we help you dissolve your marriage without destroying your business or your financial future. Located in Maple Grove, Mundahl Law serves Hennepin County and the surrounding areas of Minnesota, including Plymouth, Rogers, and Buffalo . We invite you to contact us online or via phone at (763) 575-7930. We look forward to working with you.