Most Minnesota residents would likely count a family home among their most valuable assets. It's no wonder then that, in cases where an individual is going through a divorce, questions related to a previously shared home and the division of real estate often weigh heavily on one's mind.
It's been roughly seven years since the major economic collapse occurred that is now widely known as the Great Recession of 2008. When the housing market tanked, banks followed along with other national and global markets. Companies went out of business, people lost their jobs and the entire nation braced for the difficult economic times that followed.
Divorce signals numerous changes in an individual’s life. In addition to changes to one's living situation child custody arrangements and personal finances; individuals going through the divorce process would also be wise to understand the possible tax implications related to the division of certain assets.
According to the Minnesota Department of Health, in 2008, roughly 14,250 physicians were licensed and working at medical clinics and hospitals throughout the state. Home to the world-renowned Mayo Clinic, Minnesota is home to some of the most well-respected and highest compensated of all U.S. physicians.
All married couples disagree and argue about things. However, according to a 2013 Kansas State University study, money is by far the topic that couples argue about most and, in some cases, arguments about finances can ultimately ruin a marriage.
When spouses choose to divorce, steps must be taken to untangle their shared finances and financial responsibilities. In many cases, divorcing spouses are able to avoid litigation and, with the help of their respective attorneys, work out the terms related to the division of marital property and assets. In addition to ensuring assets are divided, many divorcing couples also carry considerable amounts of shared debt which must also be accounted for and divided.
A major element of dissolving a marriage is to sever financial ties between divorcing spouses with regard to shared property, assets and debts. Aside from child custody issues, matters related to the division of property and assets are among the most important and potentially divisive that must be negotiated and settled.
In this blog and in the media, much attention is paid to the emotional struggles that accompany divorce. There's no doubt that the divorce process can stir up a myriad of negative and conflicting feelings and emotions. Compounding the difficulties of coping with these difficult emotions is the actual divorce process, which is complicated and often lengthy.
The financial repercussions of a divorce can reverberate for years and negatively impact an individual's ability to meet future goals. While going through a divorce, some individuals are so overcome by the associated emotional aspects that they aren't able to see the forest through the trees. This is when the advice and guidance of a skilled divorce attorney becomes invaluable.
A marriage license is an official document that a couple must obtain in order for a marriage to be legally recognized. Rules and requirements with regard to how a couple who plans to marry must go about obtaining a marriage license and fulfilling its terms vary state to state and procedures and fees may even vary by county.