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.
Divorce can be expensive, especially for high-asset couples with large financial holdings and extensive business assets. The cost of divorce, however, is about much more than lawyer's bills and court costs, it is often about income tax. While the following blog does not address many of the complex issues associated with tax and divorce, particularly the nuances of property division, Minnesota couples may find it as a nice primer on income tax and divorce.
Family-owned businesses are part of the American way of life, including here in Minnesota. Unfortunately, so is divorce. According to a professor of entrepreneurship at North Dakota State University, nearly 65 percent of all U.S. businesses are family-owned, with approximately 30 percent co-owned by spouses. With so many buisness owned by married couples it is essential that all couples have a plan for handling the business after a divorce.
Parenting after divorce can be incredibly complicated. Fortunately, there are many suitable ways to parent children - just as there can be many different appropriate ways in which to divide assets between divorcing spouses. While some couples may choose to split everything from physical custody to legal decisions fifty-fifty, others may choose a completely different path. As every Minnesota parent knows, there is no one way to raise a child or solve co-parenting and post divorce child custody concerns.
Litigation is adversarial. It is frequently the nature of the process. In most instances the litigation process serves our interests, allowing truth to emerge at the conclusion of legal hearings. In family law, however, when child custody is at issue, many believe that the cost of battle may simply be too high to allow a dispute to be litigated in court.
Minnesota Governor Mark Dayton has vetoed a bill to amend the state's child custody law. Readers may recall from an earlier post that the bill recently passed in both the Minnesota House and Senate. However, the bill failed to make it past the governor's desk.
Minnesota couples who make the decision to divorce face a lot of important decisions as they work through the process. Finances and children are usually the most important aspects of a divorce. Settling questions of child custody, in particular, may require parents to work together to ensure the well-being of their children. This cooperation often extends beyond the time that the divorce is finalized.