Divorcing your spouse in Minnesota can be the start of a pivotal transition in your life. You may be letting go of your home, many of your assets, and even your current business. However, this may also be the time during which you form plans for a new beginning. You may already have been approached by an investor with an idea for a whole new business.
Make sure to settle with your spouse
When it comes to divorce (business owner and divorce) issues, your first thought should be to reconcile your present interests. If you currently own a business with your spouse, you can offer to buy out their share. This will give you the legal and economic freedom you need to pursue your new business without any constricting ties to a previous marriage.
You may be legally compelled to make full disclosure of your future plans to your former spouse. You can emphasize that your investor prefers to work with you alone. Your spouse may accept a small royalty drawn from future earnings.
What to do if they won’t compromise
Even after you have explained the situation to your former spouse, they may refuse any kind of compromise. You will thus have to seek a resolution to your issue by other means. One of the best things you can do is to convince your angel investor to buy a majority share of the business.
The logic behind this move is to separate your portion of the business from that of your investor. This will limit the amount of influence that your former spouse can seek to gain over your business. Even if they do succeed in getting some percentage of the business, it will only come from your portion. The rest will be left untouched.