Can’t I Just Get a Simple Postnuptial Agreement?
From time to time, I receive phone calls from potential clients who just want a “simple” postnuptial agreement. Usually, the situation involves an inherited business or other income-producing property—or some other (usually unforeseen) life-changing event that significantly impacts financial circumstances. Usually, the caller has ...Read More
The Great Wealth Transfer Is Here. Have You Divorce-Proofed Your Children’s Inheritance?
It is estimated that in the United States over the next 20 years more than $50 trillion in wealth will transfer from the Baby Boomers to Generation X and the Millennials. That is a lot of money. This Great Wealth Transfer is not going ...Read More
A New Reason to Review Your Minnesota Estate Plan After Divorce
While it has always been important to review and revise your estate plan when going through divorce, a recent Minnesota Court of Appeals decision, filed on May 23, 2022, makes doing so all the more necessary.
In the Matter of the Estate of Mathew Joseph ...Read More
Farm Divorce: The Complex and Confounding Concept of the “Double Dip”
One of the most challenging concepts for many family law attorneys (and even some business valuation experts) is the “double dip.” The double dip issue arises in many divorces involving farms or small businesses and can have a substantial impact on the bottom line ...Read More
Minnesota Supreme Court Weighs in on Spousal Maintenance Modifications
On May 26, 2021, the Minnesota Supreme Court filed its decision in Honke v. Honke. In that case, ex-wife received post-divorce cash gifts from her parents of $500,000.00 during the time she was also receiving spousal maintenance from her ex-husband.
Ex-husband asked the trial court ...Read More
Marital Liens Can Help Resolve Farm Divorce Disputes
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
For Better or Worse? Farm Divorce in 2019
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
I Didn’t Really Mean to Gift the Farm to My Ex-Daughter-In-Law
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
New Tax Law Substantially Modifies Spousal Maintenance (Alimony) in Minnesota
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
When Farm Income Declines: How to Address Child Support and Spousal Maintenance
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