Reconsidering Family Finances in COVID-19

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…

Minnesota Divorce Topic - Equitably Dividing Assets and Debts

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…

Minnesota Divorce Issues - Depletion and Dissipation of Assets

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).…

Legal and Physical Custody in Minnesota - An Overview

Legal and Physical Custody in Minnesota - An Overview

The difference between legal and physical custody is important to understand and is often confused. Minnesota Statute section 518.003 defines “legal custody” as the right to determine the child’s upbringing, including education, health care, religious training and other important, long-term decisions regarding their child or…

Abuse of Discretion in Minnesota - An Overview

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…

Minnesota Divorce and Property Division - Equitable vs. Equal.

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…

Divorce and Spousal Maintenance - Cash Flow Analysis

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…

The Enforceability of Mediated Settlement Agreements During Divorce

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…

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…