Minnesota Division Of Property: Dividing A Professional Practice In Divorce
Every divorce has its own unique challenges and complexities. Dividing business assets, such as a professional practice, can prove to be a complicated and challenging aspect of going through a divorce. A divorce attorney with experience in working with estates that include professional practices can significantly reduce stress and eliminate doubt by securing accurate value of marital business assets.
The divorce lawyers at Frieders & Kuhn, L.L.P., have been serving the Rochester community for decades. With a deep knowledge of Minnesota divorce laws, we provide sophisticated legal strategies for complex asset evaluations and difficult division of property issues.
Navigating Complex Business Asset Division
The attorneys at Frieders & Kuhn have a great deal of experience in obtaining the equitable division of property. We well-equipped to handle the division of complex business assets. We understand how a marital estate that involves a professional practice should be divided. We work with the business owners or their spouses to evaluate a wide range of professional practices across various sectors, including:
- Dental practices
- Legal practices
- Medical practices
- Chiropractic practices
- Veterinary practices
- Accounting practices
Assessing the value of a professional practice is significantly more complicated than dividing other types of businesses. Dividing the marital assets of a professional practice involves more than just assessing tangible assets. Assessing a professional practice is a unique process. This is because the value often lies in the practitioner themselves in the form of their skills and reputation rather than the actual goods or services provided. The entire situation becomes even more complex when a professional practice is owned by multiple practitioners.
What Happens With A Professional Practice In Divorce?
In Minnesota, the courts require that a couple’s marital property and assets be divided equitably. This means that when a spouse owns a business such as a professional practice, the value of the marital asset will be considered in the overall division of the estate. Generally, the business is awarded to the business owner and the spouse receives other property of comparable value.
Consult A Rochester Divorce Attorney With Experience In Business
As experienced divorce lawyers at Frieders & Kuhn, we invite you to contact us if you or your spouse own a professional practice and are contemplating a divorce. You can call our Rochester office at 507-414-5558 or send us a message through our website. We look forward to telling you more about how we can assist you in protecting your interests and securing your future.