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Property Division Concerns In Minnesota Divorces
Divorce can be a stressful time for anyone connected to one of the spouses. Friends may feel as though they have to pick a side, while family members may be called upon to offer support. It can be a time-consuming process, and couples that are unprepared may struggle with finding a resolution to all of the issues that need to be addressed.
The property division phase of a divorce can cause problems for many couples. They may be unable to come to an agreement on their own and may wind up in the courtroom. Courts in Minnesota are not required to split property 50-50, but instead are to find an agreement that is equitable, or fair, for both spouses.
It is important to note that only property acquired during the marriage will be considered at this time. Items that belonged to one spouse before the marriage or gifts that were given to one spouse remain separate from these discussions. Often, there will be disputes over the label given to certain items, and this may lead to additional challenges that the couple will need to resolve.
Couples with significant assets may also struggle with finding an equitable resolution to their property division concerns. If the spouses own a business together, they will need to have the business evaluated by financial professionals to obtain a clear picture of its value. It is crucial to closely examine assets at this time to ensure that nothing is being concealed, as this could greatly impact any agreements between the parties.
For many spouses, a divorce will mean major changes to their financial situations. In most marriages, both spouses will be working and contributing income to the household. Post-divorce, this income can be dramatically decreased.
Courts may examine the earning capacity of the spouses after the divorce and could enter an award for spousal support if requested. This is most common in situations where one of the spouses stayed home to raise the children. These individuals may have to undergo additional training before they are able to return to work and spousal support will help them make this transition. However, those receiving this additional income will be required to pay taxes on the amount they receive, which could be something to consider before any agreement is made.
If you have questions about property division, spousal support or any other issue related to divorce, speak to an experienced family law attorney about your concerns. This can be a difficult time for you and your family, and you may feel like you do not know what to do to move forward. Understanding the options that are available to you will help you develop a plan that is best for your family’s future.