Married couples often give one another gifts -- some more expensive than others. Anything gifted during a marriage will be seen as marital property in the case of a divorce. Minnesota couples considering divorce may be surprised to find that decisions regarding marital gifts may be more complex than expected.
Most divorced Minnesota spouses will likely agree that ending a marriage is both financially and emotionally draining. However, it is crucial to avoid having the emotions rule the financial decisions made at this challenging time. This often happens when one spouse insists on keeping the family home after the divorce. Without proper consideration of all the factors, that person might find that the maintenance, mortgage and other house-related expenses are unaffordable on a single income. Securing a new mortgage on only one spouse's salary might be challenging.
Being self-employed can be stressful. The idea of "you and you alone" being responsible for the financial contribution one makes to a household can be daunting because being self-employed requires financial and time sacrifices. When a divorce then becomes reality accompanied by a realization of the financial implications it brings, one may become overwhelmed.
Establishing a business takes time and money and a lot of emotional investment. While it often becomes one's biggest financial asset, it also symbolizes personal achievement. So- what happens in the case of a divorce?
States are either considered as community property states or equitable distribution states. Minnesota is an equitable distribution state, which means that, in the case of a divorce, a judge will decide on the fairest way to distribute marital property. Ensuring a fair distribution of property is no easy feat and, very often, both parties may feel they were done in.
Most people have something that make them see red and lose their cool. One place where even the most easygoing person can be tempted to act out is family court. In divorce proceedings, the judge may give such detailed instructions of what may and may not be done, that the recipient of the message may feel like he or she is in kindergarten. Despite how this makes a person feel, Minnesota divorcees can only benefit from adhering to these court orders.
Thinking with one's head and not one's heart is not always an easy thing to do, especially when the decision one has to make involves strong emotions. One instance where it is imperative to avoid making emotional decisions is during the divorce process. The problem is that many emotionally charged factors, such as child support and custody, can make matters more difficult.
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.
Anyone in Minnesota who considers ending a marriage may find that learning some of the "language" that will be encountered can simplify the process. Mediation is an alternative dispute resolution option where a divorce mediator helps the parties resolve issues. Collaboration is similar option where both parties, their attorneys and professional advisers agree to work together to reach a fair agreement. Litigation, a third option, is necessary when the parties cannot agree and need the court to decide unresolved issues.