When Minnesota couples divorce, money matters and post-divorce financial stability typically receive a significant amount of attention. Those who are still contemplating such a step must keep the changed alimony laws in mind. Currently, any alimony paid in cash to an ex-spouse is tax deductible, but that will no longer apply after the end of 2018. Also, the recipient will not have to declare alimony as a taxable income as of Jan. 1, 2019. This new law has led to some financial advisers suggesting the higher-earning spouse should use a lump sum payment of his or her individual retirement account as a bargaining chip for alimony payments.
It goes without saying that your child is looking forward to summer vacation. While you may have to work all summer long, it doesn't mean you can overlook the many wants and needs of your child over the next few months.
One of the nicest things one can do is give a loved one gifts they deserve. However, when things start turning sour, who gets which gifts? This question often is not the first thing one thinks of when a divorce is on the cards, but eventually it springs into mind. Minnesota couples in the midst of a divorce may find out that the answer to this question is not as simple as first thought.