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
Hiring the right Minnesota custody lawyers can make all the difference. There is little doubt that child custody disputes are the most complex and emotionally charged facets of a divorce or break up. The resolution of custody issues typically serves as a gateway to resolving the remaining parts of a divorce.
The good news is
Preparing for the future through an estate plan and a will are great ways to ensure your wishes are followed and your estate is settled. When creating your plan, you will have to select individuals, like an executor of an estate, to work on your behalf.
What is an Executor of an Estate?
An executor
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.
Stepparent adoptions can be complex proceedings. Courts generally try to preserve the biological parent-child relationship. However, when this is not in the best interest of the child, stepparent adoptions are allowed. Each stepparent adoption has two parts. The first involves an effort to “terminate” the rights of one of the biological parent and the adoption
Because your estate plan closely reflects your life, it is necessary to update it accordingly. In fact, many people will update their estate planning documents every five years. This should include a Will, Health Care Directive, and Power of Attorney. A general rule of thumb is when major life events occur, such as having children
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
Did you know that we are one of the leading family law and divorce attorneys in Minneapolis, MN? The law firm of Barna, Guzy & Steffen, Ltd. is limited to family law, criminal defense and estate planning. Our lawyers have appeared in courtrooms throughout the Twin Cities, and greater Minnesota – from Duluth to Redwood