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October 2015 Archives

Asset transfers in divorce can result in taxable capital gains


When Minnesota couples divorce, the property division process can involve some significant asset transfers. Fortunately, for the most part, these transfers are free from income tax liability. But when divorce forces a couple to divide investment assets, the possibility of capital gains tax liability is raised.

Who gets the family home in a Minnesota divorce?


When a Minnesota couple makes the decision to end their marriage, often, one of the first questions is who will get the house. There is no simple answer to this question that will apply in every case. If the couple cannot reach an agreement and the decision is left in the hands of the court, there are a number of factors a judge will consider.

Do you have a warrant for that blood test, officer?

The status of law enforcement's right in Minnesota to demand a blood test of suspected drunk driver took another turn this week, with the release of an opinion by the Minnesota Court of Appeals in a case called State v. Trahan. The case involved a driver suspected of DWI who refused to take a blood test. Rather than prosecuting him for driving while intoxicated based on other evidence of impairment, the state only charged him under Minnesota's unusual crime of refusing to test under the state's implied consent law.

Knowing your rights is critical in the property division process


For Minnesota spouses who are going through a divorce, the property division process can be confusing and stressful. For couples who were married for many years, untangling the assets and property interests acquired over a lifetime together is no easy task. The process can become even more complex if the couple owned a business together; if they have a great deal of wealth; or if one spouse suspects the other of hiding or dissipating marital assets.

Does the IRS consider alimony to be taxable income?

A recent post noted that alimony payments can be critically important for a former spouse who lacks sufficient property or assets to provide for themselves after a divorce, or who stayed at home during the marriage and now needs to get back into the workforce. Minnesota courts will often award alimony, also known as spousal support, under these circumstances. But, is alimony taxable income for the ex-spouse who receives it? And is it deductible by the ex-spouse who is obligated to pay?

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