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Brown Borkowski & Morrow
  • Home
  • Firm Overview
    • Why Hire Us?
  • Our Team
    • Attorneys
      • Susan Leigh Brown
      • Thomas J. Borkowski, Jr.
      • Matthew N. Morrow
      • David James Eagles
      • Mary A. Mahoney
      • Sara Gorman Rajan
    • Support Staff
  • Practice Areas
    • Business & Corporate Law
    • Business Property Tax Appeals
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A GREAT LEGAL TEAM TO GUIDE YOU

What to know about splitting a business in a divorce

On Behalf of Brown Borkowski & Morrow | Feb 8, 2019 | Business & Corporate Law |

Many Michigan couples raced to divorce before the end of 2018. At the start of 2019, a new law went into effect that limits how much alimony spouses can write off on their taxes.

Now that 2019 is here, there are many additional considerations to bear in mind for couples who want to divorce. The complexity of the process will vary on a litany of factors. The proceedings become complicated if one or both spouses own a business. Individuals who own businesses need to be proactive, which means they should create a prenuptial agreement prior to the marriage to protect business-related assets.

Designate the business as separate property

Before marriage, business owners would be prudent to create a prenup. Although many people associate this document with rich couples, people from any economic background can benefit. In this document, the business owner can state that he or she wishes to keep the business and all assets related to it separate from any marital property the couple acquires over the course of the marriage.

Depending on the size of the business, other shareholders may demand that the owner create a prenup to protect the company’s interests.

Make a postnuptial agreement when starting a business together

Many couples decide to start a business together after marriage. While this can be a lot of fun and highly profitable, complications will arise during property division if the couple ends up divorcing. This becomes complicated because the other spouse has a valid case based on his or her financial contributions and effort put into the business.

While creating the initial business plan, it is a good idea to include provisions for what will happen to the company in the event of divorce. While couples are naturally uncomfortable discussing possibly separating, it is a necessary conversation to have when dealing with a company’s best interests.

Key commercial lease clauses Michigan business owners must know

On Behalf of Brown Borkowski & Morrow | Jun 6, 2025 | Real Estate Law

Leasing commercial space is an important step for your business. Before signing, make sure you fully understand what you are agreeing to. A commercial lease is a contract that can affect your establishment for years. The terms can increase costs, limit your options or...

No will? What parents should know about their children’s future

On Behalf of Brown Borkowski & Morrow | Jun 4, 2025 | Estate Planning

If something happens to you tomorrow, will your children be in good hands? Estate planning may sound like a lot of work, but more than anything, it is an act of love and responsibility. It is about protecting your children’s future, ensuring their best interests long...

Probate vs. non-probate assets: What is the difference?

On Behalf of Brown Borkowski & Morrow | Jun 2, 2025 | Estate Planning

When someone passes away in Michigan and there is no will in place, their representative settles their estate according to probate laws. An essential part of that process is understanding the difference between probate and non-probate assets. Knowing what does and...

What is Michigan’s law on tenant rights and eviction?

On Behalf of Brown Borkowski & Morrow | May 20, 2025 | Real Estate Law

If you're a tenant in Michigan, understanding your rights is essential. Tenant rights laws are designed to protect you from unfair treatment and ensure that landlords uphold their responsibilities. In Michigan, there are rules that govern the landlord-tenant...

What is a special needs trust?

On Behalf of Brown Borkowski & Morrow | May 16, 2025 | Estate Planning

A special needs trust helps ensure that your loved one with disabilities receives the support they need while protecting their eligibility for government benefits. These trusts are specifically designed to preserve access to programs like Medicaid or Supplemental...

How is business debt handled during a divorce?

On Behalf of Brown Borkowski & Morrow | Mar 21, 2025 | Family Law

Going through a divorce is challenging, especially when you own a business. Business debt can complicate the process, and understanding how you’ll handle it can make a difference in your settlement. If your business has debts, it’s important to know how those...

How can companies prevent IP theft in the digital world?

On Behalf of Brown Borkowski & Morrow | Mar 7, 2025 | Business & Corporate Law

Businesses use intellectual property (IP) to stay ahead of competitors. IP includes copyrights, trademarks, patents, and trade secrets. These protect creative work, brand names, inventions, and private business information. In today’s digital world, it is easier than...

How does the bundle of rights affect property ownership?

On Behalf of Brown Borkowski & Morrow | Feb 20, 2025 | Real Estate Law

Property ownership includes more than just having a physical structure or land. The "bundle of rights" is a legal concept that explains the different rights attached to real estate ownership. These rights allow owners to use, transfer, and control their property in...

How does Michigan law address parental relocation?

On Behalf of Brown Borkowski & Morrow | Feb 6, 2025 | Family Law

Parental relocation can be a challenging issue after a divorce or custody order. Michigan law has specific rules to ensure that moving does not negatively affect the child’s relationship with both parents. If you share custody and want to move, you must follow legal...

What should seniors know about Medicaid’s look-back period?

On Behalf of Brown Borkowski & Morrow | Jan 23, 2025 | Elder Law

Understanding Medicaid’s look-back period plays a critical role in planning for long-term care. This policy directly affects eligibility for financial assistance with nursing home expenses. Proper planning avoids costly mistakes and ensures access to necessary care....

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Recent Posts

  • Key commercial lease clauses Michigan business owners must know
  • No will? What parents should know about their children’s future
  • Probate vs. non-probate assets: What is the difference?
  • What is Michigan’s law on tenant rights and eviction?
  • What is a special needs trust?

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Brown Borkowski & Morrow
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37887 W 12 Mile Road
Farmington Hills, MI 48331

Ph: 888-757-1681

Farmington Hills Law Office
Brown Borkowski & Morrow
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248-987-4040
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