Many Minnesotans know that dividing property during a divorce proceeding can be a highly emotional and complex task. Before deciding who gets what, there are a number of important questions that should be addressed. These include determining the exact value of the estate, the tax consequences associated with retaining the assets and the long-term effects of owning the property. Property division can get even more complicated when dealing with the family home, which may hold more than monetary value.
Family-owned business assets do not have to suffer in divorce
Once upon a time the divorce rate in the United States was minuscule. Even as the rate of divorce began to climb among urban dwellers, the divorce rate for farm couples remained low. Around 40 years ago, however, this began to change, and the divorce rate for farm couples began to increase. Today the rate for farmers is about the same as for non-farmers.
Divorcing couples often find difficulty when splitting property
A divorcing couple's home is the source of a lot of memories and emotions. Some of the best moments in a marriage involve purchasing a home and building a family within its walls. This is why property division can be such a contentious issue for divorcing couples. Deciding who gets the house, who will take care of an outstanding mortgage or if the house should be put up for sale are serious questions many Minnesota couples going through divorce are asking themselves.
