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When you get divorced and are taking the house as part of the divorce, there are no tax implications on the sale of the house if you have a lived in the house for two of the last five years and profit no more than $250,000 as a single person or $500,000 if you happen to sell as a married couple.
There are some simple things you can do in a divorce settlement that generally can save you a lot of money. So many times I review a divorce settlement before the parties have signed the divorce decree and notice one big mistake in relation to transferring assets: extra cost to just change assets from one spouse to another.
There are four basic things that you will need to survive divorce: a place to live, little or no debt, retirement assets and liquid money. You should strive for a balance of each of these. You need a mix of each of these categories, not an abundance of one category and none in the others.
Either spouse may close a credit card account or other unsecured consumer line of credit on which both spouses are contractually liable, simply by giving written notice to the creditor.
In Hennepin County and elsewhere in Minnesota, a common form of alternative dispute resolution is the Financial Early Neutral Evaluation, or FENE.
The date on which earnings (including retirement contributions and other income) becomes separate property again, is the so-called valuation date. The valuation date is the date of the initially scheduled prehearing settlement conference, unless the parties agree to a different date, or the court finds that a different date is fair and equitable.
After a lengthy legal process Sandra and Michael just concluded their divorce. As part of their divorce decree, the Courts order awarded Michael the house and required Michael to pay the outstanding joint mortgage balance. Michael felt he was paying too much to Sandra in child support.
A common question for divorcing parties is who pays for the daycare? As an additional obligation, Minnesota Statutes now require the non-custodial parent to contribute to any child care expenses incurred as a result of the custodial parent’s employment or schooling.
Nobody marries with the expectation of failure. Married couples never contemplate that the person they once loved could later seem to be a stranger and perhaps even an enemy. Yet, statistics paint an ugly picture.
When dividing property, Minnesota courts consider the length of the marriage and prior marriages, personal and financial circumstances of each party, with respect to age, health, education and earning capacity, and the contributions of each spouse to marital property, including homemaking.
|Your Right to Child Custody, Visitation & Support
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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