For many Minnesota couples considering divorce, the cost of divorce can be overwhelming. What few people know, however, is that the real costs of divorce are not attorney fees or court costs but rather taxes. Unfortunately, the recently enacted federal tax law, which went into effect at the beginning of 2013, will likely cost wealthy Minnesota couples a whole lot more. Minnesotans considering divorce might find the following blog on taxes and divorce helpful.
Minnesota couples discover new tool to protect assets in divorce
Everyone has likely heard of a prenuptial agreement. For couples with complex financial holdings, such as a family-owned business, a prenuptial agreement is an important tool to protect pre-marital assets, like financial holdings and property interests, in case of a divorce. In addition to the prenuptial agreements, more and more couples are beginning to sign a new legal document known as a postnuptial agreement.
Baby boomers divorcing at record rates, according to study
There has been a lot of news about the rising divorce rate among older couples. In fact, for baby boomers the divorce rate has increased dramatically in the past couple of decades. It is difficult to say exactly why this is happening, but something everyone can agree on is that marriage is not easy. Minnesota boomers considering divorce might just be joining a growing national trend.
In light of divorce, skier Lindsey Vonn encounters tax troubles
Most people in Minnesota know Lindsey Vonn for her ability to tear down the slopes to victory. Within the last year, however, the Olympic gold medalist and St. Paul native has run into some trouble in her personal life. After going through divorce and complex asset division, it was recently revealed that Vonn owed the Internal Revenue Service over $1.7 million in back taxes.
What does income tax season mean for divorcing couples?
Getting everything in order to file income taxes can be a hectic time for Minnesota families. Yet tax season can be made more complicated if a couple is going through a divorce. Though this can be a stressful time of year for couples, there are a few ways they can find their way through divorce and income tax filings.
Court rules against Hecker's ex-wife in settlement dispute
Divorcing and splitting marital property can become rather tricky when working with a significant amount of financial assets. These types of settlements can become exponentially more complicated when dealing with issues of financial insecurity.
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