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July 2016 Archives

The possible benefits of a divorce mortgage

Overall, the divorce rate in Minnesota and around the country is either stabilizing or falling depending on the source. However, a study from Bowling Green found that the divorce rate among those at or over the age of 50 has actually doubled from 1990 to 2014. Reasons for this may include financial issues, petty arguments that get burdensome over time and general boredom. This may have an impact on the banking industry as a product called a divorce mortgage is being considered.

Primary caregivers may be more likely to receive custody

Minnesota parents who get divorced may not be able to reach amicable agreements about who retains custody over their children. In such cases, courts often prefer to award custody to whichever parent demonstrates that they were the primary caretaker. Courts can make such determinations based on who played the greatest role in the child's health care, educational and extracurricular activities and other quality-of-life factors.

Social Security spousal benefits and divorce

More Minnesota couples are getting divorced later in life when Social Security retirement benefits are a pertinent issue. Although the rules that govern Social Security benefits are complicated, most married people are aware that a lower-earning spouse can claim spousal benefits based on the higher-earning spouse's earnings. After a divorce, the lower-earning ex-spouse may still be allowed to claim spousal benefits on their ex-spouse's earnings.

When people don't pay child support: Negative credit impacts

It is unfortunate that many people in Minnesota either fail to pay their court-ordered child support completely or fall behind and become delinquent with their payments. Failure to pay child support as directed can lead to many serious consequences. In addition to court sanctions, people who fail to pay may also experience serious damage to their credit reports.

The Legal Consequences Of Insider Trading

From outside appearances, Roomy Khan was a role model for the American dream. She grew up in a middle class family in India but moved to the United States to attend Columbia University. From there, she landed a series of highly coveted positions at IBM and Intel and eventually worked her way up to Wall Street, becoming highly successful. At one point, she had over $50 million in her bank account. Unfortunately for her, she earned most of the money through illegal insider trading.

Different divorce options for couples

When a Minnesota couple is ending their marriage, they may not realize that they have many options when it comes to resolving their conflicts. These options potentially include an uncontested divorce, mediation, a collaborative divorce or litigation.

Taking the Child Tax Credit after divorce

Minnesota parents who are divorced might wonder how the federal child tax credit is affected by their custody and child support arrangements. It is important to note that the child tax credit can only be claimed by people whose income is under a certain limit. In 2015, that limit was $75,000 for people who were not married.

What to do with the house after a divorce

Divorcing may end a marriage, but it does not end shared financial obligations such as home ownership. Minnesota homeowners who are divorcing will need to figure out how to divide that asset. In some cases, people may feel too battered by the process to fight over the home and will want to relinquish it to their ex. Some couples decide to remain in the home and pay off the mortgage despite ending their marriage.

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