Engagement rings and wedding bands can be very sentimental and valuable items. It is estimated that most couples spend around $6,000 on an engagement ring. The question arises if the parties split-up: who gets the rings?
Engagement Ring
In Minnesota, an engagement ring is considered to be a “conditional” gift. This means the gift is
Depending on value and equity, the marital homestead is generally one of the largest assets to divide between parties in a Minnesota divorce. Amicable parties may consider selling their home before they are divorced. In general, when selling a joint home, the sale proceeds are divided. The mortgage will be paid-off, real estate or closing
In the wake of the trial that started this week in the death of George Floyd, it seems like an opportune time to discuss the role of a jury in MN family law cases.
There are two types of trials: trial by judge or trial by jury. Minnesota divorce cases are tried to the court.
Child support involves money given to one parent from the other to help provide and care for a child. Minnesota statutes establish child support obligations with the intent to prevent either parent, or a joint child, from living in poverty. Child support includes a base amount, childcare costs, and costs related to dental and health
While divorces are very emotional and strenuous for parents, they can be equally as difficult for the children. One alternative-parenting schedule is referred to as bird nesting or “nesting.” This type of parenting plan is designed to limit the disruption to the children’s normal schedule after a divorce. Nesting requires the parents to move homes
When discussing finances in a divorce, income is a key element. When one spouse does not work or is underemployed, establishing a basis for earning potential is crucial. Earning potential involves an income amount that a person could be earning based on a variety of employment factors. Having a vocational assessment completed is a common
After the first of the year, many people will start thinking about their taxes and putting together documentation for their accountants. If you are divorced and have children, this also includes who will claim the children on their income tax return. Your final judgment and decree should outline the specifics regarding joint children and taxes.
In a divorce, dividing assets can be difficult and time consuming. It is important to create an asset inventory, often called a “balance sheet.” This document will outline the parties’ assets and liabilities. Every divorce balance sheet will look different but it is essential to not overlook assets. Common assets include bank accounts, houses, cars,
While you may have a signed judgment and decree in hand, your divorce may require follow up work to tie up loose ends and complete the process. Post-divorce, it is important to update insurances, manage financial accounts, update your name and address, renew your estate plan, and create a new financial plan.
Update Insurance
During
Divorces can vastly range in price depending on the case circumstances. Many factors impact the cost of a divorce, including how agreeable the parties are or if a trial is necessary. Uncontested divorce, where the parties are agreeable on all topics, are generally the most cost-efficient divorce. However, it is not uncommon for a divorce