Legal Question in Business Law in Minnesota

Re: Divorce/ division of assets

In a divorce she has a right to one half of any value that accrued uring the marriage, though she may have no right to actually be awarded the veternary practice.

In such circumstances, the businesses must be valued and each party's rights to the asset determined.

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Re: Divorce/ division of assets

I would need to see your corp and LLC documents to advise, but if properly established as a Professional Corporation, your wife should NOT have been provided any ownership interest in the practice.

Is there a Buy-Sell Agreement in place?

How about Member Control Agreement or By-Laws restrictions?

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Re: Divorce/ division of assets

You aren't supposed to have a non-veterinarian have an owernship interest in a corporation that is created for a professional service. Whether you actually properly set it up that way is another story. If she is a shareholder of the s-corp, then she has an ownership interest, and you're going to want to see an attorney about changing that, as the law specifically states that a professional corporation cannot have shareholders/owners/members that are not licensed in that profession.