One issue that needs to be solved in a divorce proceeding is how to divide property. The first step in the process is to determine what is marital property. This is important because only marital property can be divided during a divorce settlement. Once an inventory of marital property is taken, a monetary value will be placed on that property. It will then be divided in an equitable manner.
Factors to consider in property division with the family home
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.
Preparing for divorce while happily married
Minnesota Public Radio recently had finance expert Ruth Hayden on The Daily Circuit to discuss issues that matter to a lot of Minnesotans -- money and divorce. According to recent statistics, nearly one in 10 marriages end in divorce before the five-year mark and nearly one-quarter of marriages end in divorce before their tenth wedding anniversary. With such a high rate of divorce, couples with complex asset division, such as a family owned business, might benefit from some of Hayden's advice.
Quiet settlement helps protect privacy of stars' divorce
Minnesota couples considering divorce might be interested to learn a bit more about why the Katie Holmes and Tom Cruise divorce concluded so quickly. Most observers expected the divorce proceedings to last many months, but, seemingly out of nowhere, the couple had quietly settled their marital dissolution.
Actor Dennis Quaid faces property division issues in divorce
Hollywood veteran Dennis Quaid, star of "Great Balls of Fire" and "The Rookie," has recently announced that he and his wife are seeking a divorce. The couple announced they are separating after almost eight years of marriage. Quaid and his wife are likely to deal with serious property division questions as they proceed with their divorce. Like many Minnesota couples, this celebrity couple faces the complex issues commonly associated with high-asset divorces.
