When a person owns a business, divorce can pose special problems. There is no "one-size-fits-all" solution, and a business owner who is going through a divorce (or a spouse of a business owner) needs competent and experienced legal representation to address valuation and tax issues. Usually in the context of a divorce, it is necessary [...]
If you are considering getting divorced, it is a good idea to assemble the documents you may need to refer to in the future and put them somewhere for safe keeping. These documents can include state and federal income tax returns, monthly checking account statements, check book registers, house titles, deeds and abstracts, documentation from the [...]
Recently I was asked whether re-marriage can affect a person's entitlement to receive retirement assets that were divided pursuant to a Qualified Domestic Relations Order as part of a divorce decree. The answer is "No." Here's the background: in Minnesota, assets acquired during a marriage generally are considered "marital" property. Exceptions include inheritances, gifts made [...]
I am a Minnesota divorce lawyer. I practice divorce law in Hennepin County, Minnesota. Divorce varies significantly from state to state, because it is pretty much a creation of state (not federal) law. However, one thing that I think is common in all divorces, regardless of where they take place, is "fear." One of the [...]
I spoke to someone yesterday who said she had paid $250 for so-called "online divorce." She said she didn't get divorced and she didn't get her money back. So called "online divorces" are a scam. Do not waste your money. Regardless of what the scammers say, you cannot get divorced online. At best, all the so-called [...]
Often people ask me about how to divide retirement assets when they get divorced. As I've mentioned before, Minnesota is a marital property (or common law) divorce state. It is not a community property divorce state. (Most states are community property states. Minnesota is not.) In Minnesota, a division of assets is supposed to be [...]
In Hennepin County, they have a program called "Financial Early Neutral Evaluation." It is similar to the custody and parenting time neutral evaluation program, but there are differences. For example, there is only one evaluator and the parties are required to pay him or her an hourly rate. I have participated in Financial Early Neutral [...]
Often a party to a divorce proceeding will try to hide information about his or her income and assets. There are various tactics an opposing attorney can use to try to obtain documentation about a party's real income or assets. There are, of course, the obvious sources. These include income tax returns and paycheck stubs. [...]
Minnesota Divorce and Bankruptcy: Often people who are contemplating a divorce are also contemplating bankruptcy. Marriage relationships can deteriorate quickly when there is significantfinancial pressure. In this circumstance, bankruptcy can be a reasonable option. If you are considering bankruptcy at the same time you are considering divorce, you need to consult with both a bankruptcy attorney and [...]
People who get divorced often have 401(k) retirement plans. The funds in a 401(k) plan are "qualified" funds. This means that the income tax on these funds, and income tax on the interest or gain realized by these funds, has not yet been paid. The income tax is paid later, as the funds are withdrawn from the account. The withdrawal [...]
