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June 2017 Archives

Complications to consider when blending families

Minnesota couples who have been married before and who are planning to blend their families should consider a number of financial issues. It is important that each person understands the other's attitude on money and that the couple discusses plans for saving and spending. They should also talk about longer-term plans and what they want their children to learn from observing their attitudes about money.

Alimony and tax deductions

When a Minnesota couple gets a divorce, one person may be required to pay alimony to the other. In most cases, the alimony is tax-deductible for the person who pays, and the person who gets the alimony must pay taxes on it. However, the alimony will not be considered tax-deductible if it is not part of a divorce agreement.

Options for parents in child support decisions

Minnesota couples who are ending their marriage and who have young children have a number of options when it comes to making a decision about child support. While child support may be decided by a judge in a court hearing, parents might instead opt to negotiate it in an informal manner. This is usually done with their attorneys.

Early steps for stability after the end of a marriage

Most people have some idea their partner is about to file for divorce, and spouses in Minnesota usually don't seek an end to their marriage without making some plans. If it seems like a possibility, there are ways to prepare financially for the end of a marriage. These steps can minimize fights over property division later on, speed up negotiations and reduce tensions at a time when emotions are clouding judgement.

Spousal maintenance offers financial stability after divorce

If you have been financially dependent upon your spouse and now you are going through a divorce, your economic outlook may not seem too bright. Figuring out your monetary situation can be a challenge. Thankfully, many Minnesota residents qualify for spousal maintenance, which offers them financial stability when they need it most.

The nesting approach to child custody

Nesting is one way that Minnesota parents who are getting a divorce can share custody of their children with the least amount of disruption to their offspring's lives. With a nesting arrangement, children stay in the family home and the parents take turns living there. This is in contrast to the typical joint custody arrangement in which children move between their parents' homes. While joint custody is increasingly recognized as an arrangement that is good for children and their relationship with both parents, the constant moving can also be destabilizing.

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