In a Minnesota divorce, determining the division of assets can be a complex process. One important question is whether a business owned by one or both spouses counts as marital property. Knowing how the law deals with businesses during divorces can affect how fair and balanced the asset-splitting process is. Classification of the business Marital property usually includes things acquired during the marriage. Courts may also consider businesses owned before the union or acquired through inheritance or gifts as separate property. However, if the business experienced a lot of growth during t ..read more

Divorce can be a challenging process, especially when it comes to dividing assets. In Minnesota, it is important to navigate this delicate matter carefully to ensure fairness. 1. Transparent communication Open and honest communication between spouses lays the foundation for a fair asset division. Make a list of all assets, including properties, bank accounts and investments. Clearly discuss the value of each item and be willing to compromise. Transparency fosters understanding, minimizing disputes during the divorce process. 2. Mediation services Consider utilizing mediation services to facili ..read more

Bowling Green State University reported the divorce rate per 1,000 married women in the U.S. was 14.56 in 2022. Divorce is a complex and emotionally challenging process, and understanding its various stages can help make the journey more manageable. While the specifics of each divorce may differ, there are general steps that most divorces typically follow. Filing a petition One spouse initiates the legal proceedings by filing a divorce petition with the appropriate court. This individual is the petitioner. Serving the papers After filing the petition, the petitioner must serve the divorce ..read more

Gray divorce is a relatively new term and refers to an increasing trend of divorces among couples in their 50s or older. These divorce cases have unique needs and considerations, especially given the typical duration of the marriage. Most gray divorces follow marriages that lasted for decades. What causes marriages that lasted so long to dissolve? There are a few common causes of gray divorce to understand. Changing goals Sometimes referred to as growing apart, older couples often find that their goals are different when faced with an empty nest. Years of raising children and dedicating hours ..read more

If you own a business, then it goes without saying that it is an important part of your livelihood. If you are going through a divorce, however, the ownership and even the continued operation of your business might be in question. Some or all of your business is likely to be marital property subject to the division of marital property under Minnesota law. An accurate business valuation can provide the leverage you need to negotiate for a favorable outcome regarding your business following the divorce. What is a business valuation? Business valuation is a professional service provided by an unb ..read more

When you start or acquire a business during a marriage, Minnesota’s laws consider it marital property. This means there is an equal amount of shared ownership between you and your spouse. A divorce may result in changing your business’s ownership structure based on the law’s requirement to divide it fairly with a soon-to-be ex-spouse. As noted by Business.com, your ex-spouse may become an unintended partner in your enterprise if you do not negotiate a mutually agreeable property division. You may find your ownership percentage reduced if a judge orders you to transfer some portion of shares or ..read more

There can be a lot of uncertainty involved in a divorce. You may be wondering what to expect from mediation or trial, or what your life will look like after the divorce is complete. However, you can alleviate some of this uncertainty by filing for a pendente lite order. Pendente lite This is a temporary order issued by the court that provides an outline of certain behaviors and expectations during the divorce process. These are common in divorce cases, especially when the separated couple has children. Because divorces can take months or even years to complete, and life does not stop to wait f ..read more

You and your spouse decided that getting a divorce was the right choice for you after you had a drawn out argument that finally resulted in you both giving up on compromising. You were tired of fighting every day, and you realized that your life together wasn’t what it should be. Now that you’ve decided to divorce, you and your spouse have gone to your respective attorneys and started looking into collecting documentation on your assets. Your children are all grown and out of your home, so you haven’t considered telling them yet. After all, this divorce shouldn’t affect them, right? A divorce ..read more

Spousal support, also called spousal maintenance, can help ease the transition to a financially independent household after a divorce. Minnesota couples can either agree on a spousal support arrangement or ask the court to decide on their behalf. Review the state’s provisions about spousal maintenance if you are facing a divorce and worry that you will be unable to support yourself because you earn less than your spouse. Grounds for spousal maintenance You can ask the judge for temporary or permanent spousal maintenance if you cannot work outside the home because you care for a child. You can ..read more

When anyone marries, the intent is for the relationship to last forever. Unfortunately, many holy unions do not remain intact. Divorcing is an unsavory proposition, yet unhappily staying together is not an option. Both parties want the split to happen as fast as possible so they can move on with their lives. Thankfully, the right approach launches divorce proceedings into high gear. Communication Talking with your soon-to-be-ex is likely a struggle. That said, it behooves both of you to share important information. That way, there are no surprises that could turn into roadblocks on your path t ..read more