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Property Division Archives

How a forensic accountant can help with property division

Divorce is sometimes not an easy process to go through for couples in Minnesota and elsewhere. It can be very emotional, difficult and, in some cases, very complex. In a high asset or wealthy divorce, divorcing couples might dispute who gets what. Property division is often one of the most contentious issues during dissolution. Spouses often need assistance with resolving these problems and moving forward with the process.

Questions to consider during the property division process

Much like the thought that goes into marital preparations, many go into ending a Minnesota marriage. Whether a marriage lasted several decades or only a few years, it is likely that many things were brought into the marriage as accumulated during the union. This can complicate the process because it can be difficult to determine what belongs to which spouse and who is entitled to what.

When can a Minnesota court apportion non-marital property?

A previous post discussed how Minnesota courts divide marital property when a couple goes through a divorce. In general, marital property is any property obtained during the marriage by either spouse or both spouses. Minnesota courts divide this property on an equitable basis, and the previous post looked at the factors courts consider when doing so.

Understanding Challenges When Divorcing a Business Partner

Going through a divorce is usually difficult. Going through a divorce when your spouse is also your business partner is usually even more difficult. Any time assets are shared by a couple, they will have to be considered and probably divided if the couple decides to dissolve their marriage. This complicates the process and it particularly complicates it when those assets constitute their livelihoods. Fortunately, there are some steps you can take that may prevent a divorce from permanently damaging your business.

Minnesota does not recognize common-law marriage

Marriage is about a lot more than falling in love. Marriage is also a legal and economic relationship which, among other things, provides spouses with important property rights when they divorce. In Minnesota, a divorcing spouse has the right to an equitable share of the couple's marital property. An unmarried person living with his or her significant other generally has no similar right to property division when the couple breaks up.

For Business Owners Going Through Divorce, Avoiding a Double Dip Is Essential

Going through a divorce involves many legal aspects. One major issue that comes into play involves the employment and assets of the two people who are getting divorced. In many situations, a person who is divorcing owns a private business, and when that is the case, it is imperative that something called a "double dip" be avoided.

Older Minnesota women can be financially vulnerable in divorce

In previous blog posts we have talked about the rise in "gray divorce" -- usually defined as divorces involving partners over the age of 50. A divorce late in life can result in more serious financial issues than a divorce involving younger spouses. When someone is older it's more difficult to recover financially from a divorce and there's less time to do it.

Gray divorce raises distinct property division issues

In last week's post, we discussed some U.S. Census data regarding the "gray divorce" trend of recent years. The data confirms that divorce is becoming more common among older couples in the U.S. For Minnesota couples who are divorcing late in life, the end of a marriage raises some special issues.

How can married couples protect assets without a prenup?

For most Minnesota couples, getting married is a major decision. While many financial decisions go into planning a wedding and a new future with their significant other, some couples do not include financial protection through a prenuptial agreement in their pre-wedding plans. While a prenup is able to provide financial protection, married couples should understand that it is not an end all if they did not include one in their union.

Is income from a trust subject to equitable division in divorce?

In recent decades, trusts have become a popular estate planning tool in Minnesota. In a trust, the person who creates the trust places assets in the hands of a trustee to be administered in the interest of trust beneficiaries. In a typical trust, a beneficiary will receive income generated by the assets in the trust, and the trustee will have discretion to make payments of principal according to standards set forth in the trust.

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