When Minnesota farmers divorce, often there are insufficient liquid assets to allow the non-farming spouse to be immediately paid in full for his or her fair share of the marital estate. When that happens, the non-farming spouse is often paid over a period of ...Read More
As I write this in December 2018, the news is being flooded with articles on farm bankruptcies and the looming crisis for farmers and their lenders due to various economic situations outside of each farmer’s control. Farm divorces are estimated to increase.
For anyone who ...Read More
Farm families usually intend for the family farm, and the benefits and fruits of the family farm, to pass down to the next generations. Sometimes, however, things do not go as planned.
Divorce is a fact of life. For a farmer, the prospect of cutting ...Read More
In late December 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act of 2017. In addition to modifying the income tax brackets and numerous other tax provisions, the law significantly modified how spousal maintenance (alimony) payments are taxed at the ...Read More
Calculating a farmer’s income for child support or spousal maintenance is often the result of averaging income over several years. This makes sense when a farmer’s income is constantly moving up and down. Over the past few years, averaging the last three to five ...Read More
In Minnesota, if a divorcing party is able to prove that property is that individual's "non-marital" property (i.e., was brought into the marriage or was a gift or inheritance to one but not both of the parties), that property is typically not subject to ...Read More