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Fairly Dividing a Business in Divorce

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‘Cause the court is trying to exact equity, so it’s trying to make sure that if it’s a marital asset that both parties get the value in some form or the other. In my multiple day case that I had just a year ago, the court established a value of the business. It was interesting it was like in between both sides positions, but then ordered the in spouse to continue having the business. Did not order the business sold and then ordered payments with interest to the wife. But there are cases where the court can sell it and there are cases where the court will leave the parties like somehow divide the shares. I’ve seen spouses; I’ve had cases where spouses have decided to stay in the business together. Those have been cases where they own them with a lot of other people and let’s say it’s a real estate holding company, they don’t really have to interact with each other. They are fine just staying each owning their own shares or dividing the shares rather than trying to value the whole thing and have one party buy the other one out.

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Minneapolis family law attorney Laurie Mack-Wagner discusses the options of fairly dividing a business in a divorce proceeding.

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