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May 2013 Archives

Updating legal documents once the divorce is finalized

In a high-asset divorce, there are many complex issues that need to be addressed both before and after a divorce is finalized. During the divorce itself, couples focus on custody rights, complex asset division and financial support concerns. After Minnesota couples finalize their divorce, it is important that they revisit a number of important legal documents. The following is a brief overview of some of these legal documents and why they matter.

Preparing for property division before the divorce begins

It is all too easy for high-asset couples to make costly financial mistakes during the divorce process. Often times, these mistakes are the result of emotional exhaustion and the desire to move on to quickly. While this is certainly understandable, it is important that Minnesota couples going through a high-asset remember to prepare for the financial side of the divorce. The following is a few pieces of advice on property division for Minnesota couples currently considering a divorce.

Maintaining a family-owned business throughout a divorce

Managing a business throughout a divorce can be a complex and emotionally trying experience. Divorce can leave family-owned businesses vulnerable to a number of serious consequences, including dissolution. While no one plans on divorce, it is usually reported that approximately 50 percent of marriages in the United States end in divorce. That is just one reason why it is so important for couples with family-owned business to plan for the possibility it may occur.

How long should an ex-spouse be required to pay alimony?

Alimony, also known as spousal maintenance, is often one of the most contentious issues in a divorce proceeding. What readers may not know is that in nearly every state, alimony can be made permanent. While alimony has long been a source of frustration for high-income spouses, the permanent nature of such awards is particularly controversial. In response, a number of states are beginning to reconsider alimony laws to remove permanent support as a possibility in divorce proceedings.