Minnesota Divorce & Finances
UPDATED: February 16, 2020
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The division of joint finances during a divorce can be a frustrating and unpleasant process. How is property divided? What are the tax ramifications of divorce? Are there estate planning issues that require resolution? Will there be spousal support payments, and what would the parameters of these payments be? The following headings offer specific Minnesota laws on divorce and finances.
Minnesota Property Division/Community Property/Debts:
Minnesota is an ï¿½equitable distributionï¿½ state. Marital property will thus be distributed on terms considered to be fair, which does not necessarily mean equal. In an equitable distribution adjudication of property, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded, if any.
Minnesota Spousal Support:
Spousal support, called alimony in Minnesota, is a regular amount of money that a court orders a person to pay to their ex-spouse after the divorce. Whenever the court issues a divorce, it may also at that time issue an order for either the husband or wife to pay support of the other spouse. Alimony is only ordered in Minnesota if the court finds that it is necessary.
The amount of alimony payments and the length of time they will be paid are determined by the court based upon factors such as the financial situations and earning capacities of the parties, including expectations of future inheritances, and the respective abilities of the spouses to meet their needs in consideration of the maintenance amount. Marital misconduct will not be considered in the award of alimony, but the abuse of one spouse by the other will be considered.
Minnesota Divorce/Child Support/Child Custody Lawyers:
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Find an experienced Minnesota Child Support/Custody Lawyer at AttorneyPages.com
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