When a couple ends their marriage the court may award a few different types of payments. One form of payment the court may award is alimony or spousal support. Alimony is a payment made from one spouse to another for the purpose of limiting the economic effects of divorce. Failure to make a court ordered payment such as alimony can have serious consequences as well, something that should be considered when making an agreement.
Financial security is a big issue for couples facing divorce. With all of life's uncertainties, the effect divorce can have on certain property or assets, such as a family-owned business or a lake home, only adds to these potential obstacles. Fortunately, there are ways to thoughtfully work through a high asset divorce by protecting an individual's assets in order to establish a more comfortable financial future for both parties involved.
High-asset divorces can come with a whole host of complications, not the least of which is the property division process. Dividing property, especially items such as retirement accounts and investment portfolios, requires skill and patience. The consequences between property division done right and done with haste may prove to be very costly, in more ways than one. Minnesota high-asset couples considering divorce should think about a few of the following issues before engaging in the divorce process.