When older people in Minnesota get a divorce, their focus may be more on dividing retirement savings and other elements related to property division compared to younger couples who might be concerned about child custody. People should be aware that there are a number of specific rules for dividing these types of assets. Annuities can pose particular complexities, and some people may agree for one to keep the annuity and the other to take another asset since cashing it out can lead to a significant drop in value.
Asset division for older couples in a divorce
Hiding assets during divorce is both wrong and illegal
Once you decided to divorce, you were hopefully able to set time aside to sit down with your children and talk about the life changes coming their way. The good news in that regard is that kids are typically quite resilient and adaptable barring any extenuating circumstance that would impede their ability to function in a positive manner.
How tax reform will change divorce
Minnesota couples who are ending their marriages should be aware of tax issues that may arise. In some areas, tax reform has changed the financial aspect of a divorce.
What business owners should consider during a divorce
When business owners in Minnesota get divorced, dividing company assets can be a challenging process. The initial step in the process is figuring out how much the company is worth. A valuation professional should be granted access to the company's financial records and any other information needed to figure out its true market value. Once it has been appraised, it may be necessary to determine how much of the company's growth took place during the marriage.
Student debt often cited in divorce cases
Higher education costs have risen sharply in Minnesota and around the country in recent years, and student loan debt in the United States has climbed to an all-time high of $1.48 trillion as a result. Figures from the U.S. Federal reserve reveal that students who graduated from college in 2017 will have to repay an average of $39,400, and this debt can have a profound impact on their lives and relationships. When researchers from the debt management website Student Loan hero polled 808 divorced American adults, more than a third said that student loans and other financial problems had contributed to the breakdown of their marriages.
Child support and joint custody: what parents need to know
Child support obligations are usually determined by the regulations found in the Child Support Standards Act, but that all changes with joint custody. When parents share custody of a child, a variety of additional factors will need to be taken into consideration. In the state of Minnesota, a very specific formula is used to determine how much a parent will pay in child support if custody is shared.
