Minnesota provides for only “no-fault” divorces, which means that no one technically takes the blame for the break up of the marriage. Instead, the state bases divorces on irreconcilable differences between the spouses. However, the state does consider “fault” when looking at property division.
Continue Reading Marital Property vs. Non-marital Property: What’s the Difference?
Divorce challenges those caught in the middle in surprising and unpredictable ways. Whether your husband blindsided you by revealing that he had been having an affair with someone at work, or you and your spouse separated after less than a year, after realizing that the relationship had no enduring foundation, you likely have a lot
When you end a marriage, you understandably face a myriad of emotions, including sadness, anger, frustration, grief – and possibly even relief. The emotional turmoil that you face can mean that your decision-making skills sometimes suffer. However, you cannot afford to let your feelings rule you during this critical time, since your financial future could
Once a divorce decree has been entered in Minnesota, there are only a limited number of situations in which a party to the action can re-open (or seek to vacate) it. To be clear, to “re-open” a decree represents an attempt to change something (like a property settlement) that is otherwise final in nature. This is distinguished from a motion to “modify” custody, parenting time, child support or spousal maintenance. There are seven legal principles that provide a basis to re-open: (1) clerical error; (2) fraud; (3) mistake; (4) newly discovered …
Continue Reading Standards for Re-Opening a Minnesota Divorce Decree
In terms of dividing the assets and liabilities of the parties following divorce, the first step in the analysis involves determining which assets are “marital” and which assets are “non-marital.”
Simply stated, marital assets are those acquired during the marriage, through marital efforts. Non-marital assets are those that one spouse: (1) brings into the marriage;
At the end of the day, the vast majority of divorces in Minnesota result in an equal division of the marital estate (those assets and liabilities incurred, or accrued, during the marriage.
“Equal division,” however, is not the relevant standard. Pursuant to Minn. Stat. Sec. 518.58, the Court must make a “just and equitable division
In the vast majority of the divorce cases we handle, the parties own real property. Sometimes that property is a primary residence, while other times the property takes the form of a lake cabin, vacation home, investment property or business property.
Generally speaking, the equity resting in each piece of real estate is subject to
A divorce is a very difficult process. Typically there will be disagreement on parenting issues and finance. One asset the is usually deemed the most valuable within a divorce is a business. It is crucial to understand the various ways to appraise a business, if you own one. There are three common approaches to having a business appraised: The asset approach: Based on the value of the assets and liabilities of your business, including tangible and intangible assets. The income approach: Estimates the value of the business through expected …
Continue Reading How Businesses are Appraised as Part of a Divorce
Most divorces involve some type of division of property. However, not all assets or property are subject to division. Part of the divorce process explores the property of each party to determine what exactly needs to be divided. During this process, property is labeled as either “marital” or “non-marital.” Determining whether property is marital or non-marital is crucial in a divorce. In general, non-marital property will not be part of the “equitable” distribution between the parties. Non-marital property, as its name suggests, is property that …
Continue Reading The Distinction Between Marital and Non-Marital Property Interests
A divorce doesn’t just involve the two spouses and their lawyers. In any divorce proceeding, there are a variety of legal factors involved. The more issues present, the more experts will generally need to be involved. Some of the typical roles in a divorce include a home appraiser, custody evaluator, vocational assessor, business appraiser, and an actuary. The number of experts present will obviously increase the overall cost of the divorce, but they will also ensure that the proceedings are as fair as possible. A home appraiser is the most common …