If you’re a business owner going through a divorce in Edina, MN, you should prepare yourself for some unique challenges that come with your career. These may include division of assets, spousal obligations, or custody arrangements. And these issues don’t just apply to business owners. Executives and other high earners may have similar concerns: you want to retain your professional assets while avoiding high spousal maintenance payments, and you don’t want your child’s lifestyle to be negatively affected by his parent’s separation.
When you’re facing a high-asset divorce in Edina, Minnesota, you’re right to assume your wealth of assets will affect how your divorce plays out. But you can remain in control of your future but determining your own best-case scenario and pursuing it assertively with your attorney.
A divorce attorney for business owners in Edina such as Beth Barbosa can help you navigate your divorce and address important concerns. Here are some of the most common areas you’ll need to address as a business owner, executive, or another type of high earner.
Professional Assets
If you own your business or practice, you’ll likely benefit from hiring an appraiser on your behalf to determine the value of your business accurately. A divorce business valuation will allow your attorney to better negotiate for your assets. This impartial determination as to the value of your assets is necessary if you hope to avoid unreasonable requests or expectations during the negotiation process.
As a professional who is potentially well known in the community, you may be concerned about your privacy and the privacy of your business or practice while you are divorcing. If you choose Beth Barbosa as your Edina divorce attorney, she will work diligently to push for a resolution that ensures you won’t need to allow your private information to become public. Your personal and professional information is safe with Beth.
Personal Assets
In addition to your professional assets, it’s likely you have real estate, stocks, bonds, and other types of assets that you want to ensure are fairly disbursed between you and your spouse. You deserve access to your pre-marriage assets, and you need to ensure that your post-divorce finances will be adequate to sustain your quality of life.
For the best possible outcome in your divorce, your attorney may help you hire financial neutrals, real estate experts, and others who have the in-depth knowledge to protect and advance your interests. Each case is different, but a seasoned divorce law attorney will always offer you several approaches to your divorce and help you make informed decisions about your financial priorities.
Spousal Maintenance
Spousal maintenance is a regular payment from one spouse to the other for some length of time. The payment is intended to allow the receiving spouse to maintain a reasonably similar lifestyle to the one they had when married, assuming the paying spouse has the financial ability to do the same. The courts in Minnesota will decide spousal maintenance based on several financial and lifestyle factors. These include the length of the marriage, the income of both spouses, and the future earning potential of both spouses.
If you are a high earner and your spouse makes significantly less, spousal maintenance may be a factor in your divorce. Discuss your options with your Edina high net worth divorce lawyer. You may be able to reach a settlement that does not include spousal maintenance, so you won’t be required to make ongoing monthly payments.
Custody Arrangements
In the past, the courts may have assumed it was best for children of divorce to be with their mother basically full time. The default option, “every other weekend,” left little time for the non-custodial parent to spend with their kids. This has changed drastically as parents negotiate equitable and sometimes unconventional child custody arrangements. Both parents now have a fair shot at requesting the parenting time they think is adequate for their relationship with their child.
If you’re a business owner or are in another demanding field, you may need to consider how to maximize your time with your kids in the context of your busy schedule. This is another area where a well-experienced family law attorney can help by suggesting creative solutions to present to your spouse and the court.
Assisting Edina Business Owners and Other High Earners in All Areas of Divorce
A high-asset divorce can seem daunting, especially if you are a business owner or have other professional assets to consider. All of your concerns are valid, but it’s important to remember that they can be dealt with swiftly if you have the assistance of a high-asset divorce attorney such as Beth Barbosa. Beth has been assisting Minnesota business owners and other high earners for years. She will provide you with the individualized attention you need to ensure all your needs are met throughout your divorce, and she will remain your ally throughout the process.
You can learn more on Beth’s website, or contact her by calling (612) 564-0137.