Often the largest assets in a marriage are the retirement accounts of one or both spouses. Retirement benefits are subject to division in a divorce. How the retirement benefits are divided depends upon a number of factors, such as whether the retirement benefit was earned or invested during the marriage versus before or after the marriage.
In a divorce the court will not only divide the marital assets between the spouses (the good), but will also equitably divide the debts and liabilities (the bad). When negotiating a division of debt, it is important to know which spouse is legally liable to the creditor for the debt.
Spousal maintenance (commonly referred to as alimony) is an award made during a dissolution of marriage (divorce) or legal separation proceeding whereby one spouse is ordered to pay the other spouse money out of future earnings to assist in providing for his or her needs. Spousal maintenance may be ordered on a permanent or temporary basis.
During your marriage, you may not have given much time to what assets belong to you, your spouse or both of you. You probably considered everything to be on a big pot that each of you could benefit from while you were together.
When you and your spouse married, the topic of a prenuptial agreement may never have crossed your mind. Maybe you felt you had no reason for such a plan, especially if you had little money and few assets. Perhaps you fully intended to write a prenuptial agreement, but the confusion and stress of planning a wedding put the idea on the back burner until it was too late.
If you and your soon-to-be former spouse are able to have reasonable discussions about the division of your assets as you approach your divorce, you are fortunate. However, there may be something you are overlooking. Just like the assets acquired during your marriage, the debts accumulated from your wedding day forward are marital property, and the court divides them equitably in states like Minnesota.
The holiday season will soon be upon us. This is a time of year that is filled with traditions such as holiday baking, special meals, gift giving, decorating, and gatherings of family and friends. As you reflect on the holidays you enjoyed as a youth, do memories of spending time with your grandparents make you smile?
Minnesota is a "no fault" divorce state, which means courts will not financially punish or reward a party when dividing assets and debts because of bad behavior during the marriage. Generally speaking, the courts will equitably divide the marital assets and liabilities between the parties. That means spouses need to understand what is marital property.
A dissolution, which is commonly called a divorce, is the most common way to legally end a marriage. If a judge grants an annulment, however, it is like the marriage never happened in the first place. An annulment can be granted on one of three grounds. The first ground is called lack of capacity, which means that one or both of the parties were unable to consent to the marriage because of mental illness, alcohol or drugs. If a party was forced or tricked into the marriage, that can also be grounds for claiming lack of capacity. The second reason a court may grant an annulment is called lack of physical capacity. This means that one party is unable to consummate the marriage by sexual intercourse, and the other party was unaware of this incapacity at the time of the marriage. The third reason a court may grant an annulment is based on age. If one or both of the parties was under the age of 18 at the time of the marriage, and the underage party had not obtained the proper consent from a parent, guardian, or the court, the marriage can be annulled. Annulments and dissolutions of marriage are complex legal matters. If you have questions about an annulment or dissolution of marriage, stop in or call Derek Trosvig at (320) 763-3141.
Spousal maintenance (commonly referred to as alimony) is an award made during a dissolution of marriage (divorce) or legal separation proceeding whereby one spouse is ordered to pay the other spouse money out of future earnings to assist in providing for his or her needs. Spousal maintenance may be ordered on a permanent or temporary basis. Spousal maintenance may be awarded if one spouse lacks sufficient property or income to provide for his or her basic needs, and the other spouse has the ability to make said payments. Whether or not a court orders spousal maintenance is discretionary and up to the judge. In making a determination as to whether or not spousal maintenance is appropriate, a court considers such things as the financial resources of the party seeking maintenance, the partys ability to provide for him or herself, the partys age, physical and emotional condition, the duration of the marriage, the standard of living established during the marriage, the time a spouse needs to get sufficient education or training to become self-sufficient, as well as the contribution or sacrifices one spouse made to further the other spouses education or employment. Dissolving a marriage is a complex legal matter and should not be taken lightly. If you are in need of sound legal advice, stop in or call Derek Trosvig at (320) 763-3141.