Whenever a married couple decides to divorce, they must come to an agreement on how they intend to divide their assets. Common assets available for division include the family home, investment accounts, debts and even household items. The most difficult items to divide are often less tangible assets like life insurance and retirement accounts. Minnesota readers may find the following blog on property division and retirement accounts intersting.
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.
What can and cannot be included in a prenuptial agreement?
Before exchanging vows, Minnesota couples may weigh the benefits of obtaining a prenuptial agreement. The primary reason to have a prenuptial agreement, according to family law observers, is that it allows the couple lay out their property division and financial future in the event that they decide to get divorced down the road.
Paving the road to an amicable divorce for Minnesotans
Divorce may include a wide variety of difficulties, but dividing assets is one aspect of divorce that presents obstacles doe many couples. However, it does not have to be that way. If one is equipped with the proper legal information and a calm head, then a relatively painless divorce may be possible. The following are a few tips to help Minnesota couples manage a smoother and divorce.
Dividing property at an older age may seriously affect retirement
We often think that once we reach a certain stage in life divorce becomes less likely. Strangely, however, this is not true. Indeed, more and more couples are beginning to divorce at a later age. While divorce is always complex, getting divorced at an older age carries a unique set of issues, particularly concerning property division and financial security. Minnesota couples considering a "gray divorce" might find the following article on divorce interesting.
Preparing for divorce: Items to consider before proceedings begin
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.
Creating asset inventory can help with divorce
Divorce is rarely uncomplicated, especially when dividing assets. Making matters worse is the lack of uniformity among the several states. Each state has its own rules about property division. Understanding these laws is the key to understanding what a person will, or will not get, in a divorce, but before any of the legalities can come into play, the couple must first figure out what is at stake. That is why making an inventory is so important. Minnesota couples considering divorce will find the following piece on inventorying assets in a divorce helpful.
More Monet, more problems: Couple divorces, splits art collection
Divorce can bring on all sorts of complicated problems. While most of us may never experience the stress that accompanies parting with priceless pieces of artwork, like an original John Singer Sargent or a rare Monet, for others this is very much a reality. That is why art lovers in Minnesota readers may be interested in a recent story involving high-asset property division during a divorce.
New technologies attempt to assist with some aspects of divorce
Divorce is can come with its share of complications, but several new software programs designed for couples preparing for divorce intend to ease some of the burdens. These "divorce" apps, which were created by family law attorneys from across the country, are available specifically for iPhone and Android mobile devices. Tech-savvy Minnesota residents might be tempted to learn more about how some of these apps might help them manage the "business" of divorce, particularly property division, a little bit more easily.
Zuckerberg's perfect timing likely to make asset division easier
Facebook's co-founder, Mark Zuckerberg, married Priscilla Chan one day after Facebook went public. Zuckerberg is currently worth an estimated $20 billion. Though there has been no confirmation, many financial and divorce professionals believe the social media guru signed a prenuptial agreement with his wife.
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