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June 2018 Archives

What will alimony options be after Jan. 1, 2019?

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.

What happens to marital gifts in an impending divorce?

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.

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