When it comes to high-asset divorces, marital waste dissipation is particularly concerning due to the significant wealth at stake. Understanding how this problem can arise and the avenues for seeking compensation remains even more critical in such cases. 1. How is...
High Asset Divorce
Understanding tax liens and how they can affect you
If you own an asset and you also owe someone money, that person may be able to place a lien on that asset. A lien is a legal claim that helps to guarantee that you will pay your obligation. For example, if you hire a contractor to remodel your kitchen and you have yet...
Avoid the financial pitfalls of do-it-yourself divorces
Minnesota residents facing divorce might think to themselves that it makes financial sense to do a low-cost, do-it-yourself divorce. They may believe it's as easy as splitting any retirement accounts and pensions equally and walking away. What many don't realize is...
Could an unexpected transfer of money mean divorce?
When one spouse transfers or hides marital assets, this could be a sign that the spouse who is being secretive is considering filing for divorce. If this occurs, it may be a good idea for the other spouse to speak to an attorney and begin gathering financial records....
Divorce and taxes
Minnesota couples who are ending their marriage should know what types of impact a divorce will have on their taxes. This knowledge can help them make necessary preparations. If a divorce was completed by the end of the year, the Internal Revenue Service will consider...
Federal benefits require specific handling during divorce
Federal employees and retirees who initiate a divorce in Minnesota must give their Thrift Savings Plan retirement accounts special consideration during the property division process. No federal laws govern the division of the account balance during a marital split,...
Calculating the value of a business in a divorce
When a Minnesota couple is getting a divorce and one or both of them owns a business, that asset will usually be divided along with other shared marital property. The couple will need to decide whether to have a skilled valuation analyst do a calculation of value or a...
Getting finances ready for a divorce
People in Minnesota who are considering a divorce might want to review their financial situation. They may find that other people are eager to offer advice, but it can be difficult to generalize based on experiences in other jurisdictions. Professionals such as...
What happens to a business during a divorce
When Minnesota couples start a business, they expect to be able to continue running it together without worrying about what could happen if their romance ends. While couples can potentially discuss a contingency plan, where one person agrees to exit the company,...
Prenups and trusts protect business assets in divorce
Just like any other marital assets, business interests are often subject to division in a divorce. A Minnesota couple that overlooks this possibility could endanger the company that they own if they end their marriage. The business might not have enough cash on hand...