Reconsidering Family Finances in COVID-19
At the beginning of the COVID-19 pandemic we watched the unemployment rate skyrocket while the market crashed. While the economy is moving to a more stable place today, most families are still experiencing financial difficulties in their everyday lives. In fact, the Pew Research Center reports that 43% of families [...]
Minnesota Divorce Topic – Equitably Dividing Assets and Debts
Financial issues are often a sticking point during divorce. Not only can valuing and dividing assets become a point of contention, but allocating debt can also be a major concern. In Minnesota Divorce cases, the division of Assets and Debts does not need to be mathematically equal, and you are [...]
Minnesota Divorce Issues – Depletion and Dissipation of Assets
Although Depletion and Dissipation of property carry different meanings, in Minnesota divorce cases the terms are sometimes used synonymously by the Court. Dissipation is defined by Minnesota case law as "wasting or expending funds foolishly." Volesky v. Volesky, 412 N.W.2d 750 (Minn. Ct. App. 1987). Spouses have a fiduciary duty [...]
How to Make Shared Holidays Fun for Kids
Let’s face it, the holidays are stressful. If you are a divorced parent, you may have the added pressure of trying to figure out how to share your children for the holidays, while making it fun and memorable for everyone. But know it can be done with a little planning [...]
Abuse of Discretion in Minnesota – An Overview
In cases that involve divorces, the district court is awarded broad discretion to the division of property, award of maintenance, custody determination and child support. Rutten v. Rutten, 347 N.W.2d 47, 50 (Minn. 1984). The district court’s conclusions must be clearly erroneous given the facts on the record before [...]
Minnesota Divorce and Property Division – Equitable vs. Equal.
Equitable does not necessarily mean equal (check Black's Law Dictionary). In Minnesota Divorce cases, the division of Assets and Debts does not need to be mathematically equal, and you are not entitled, under Minnesota law, to "exactly half ." Minnesota Statute 518.58, subd. 1, states that the District Court is required [...]
Divorce and Spousal Maintenance – Cash Flow Analysis
In Minnesota, Spousal Maintenance (Alimony) is based upon need, and not the equalization of cash flow (equalizing monthly cash flow is not required or even addressed by Minnesota Statue 518.552). Unlike Child Support, Spousal Maintenance does not provide the parties with a basic formula to determine if (and for what [...]
The Enforceability of Mediated Settlement Agreements During Divorce
Many people wonder (including attorneys and mediators), are mediated settlement agreements enforceable? Well, that depends on the situation. In a recent case, Tornstrom v. Tornstrom, 887 N.W.2d 680 (Minn. Ct. App. 2016) the court determined that a mediated settlement agreement was enforceable. Again, in an unpublished case, Burke v. Burke, [...]
Child Support and Taxes: 5 Essential Rules
Tax season is upon us. During this time of year, we often focus on things like deductions and taxable income, and how we can maximize our tax credits and deductions to obtain the largest benefit from the IRS. When reviewing tax laws, attorneys and parties going through the legal process [...]