Divorce and taxes—two topics most people don\'t wish to think about. However, tax issues have a substantial impact on divorce and the lives of those involved. Here are a few key divorce tax takeaways that are sometimes forgotten:
Update Your Withholdings. People typically file ...Read More
One of the newest growing trends in Minnesota farm divorces involves both divorcing parties seeking to acquire the farm operation’s productive assets (land, machinery, equipment, etc.). In the past, it was typically presumed that the “farming spouse” will end up with the productive farm ...Read More
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
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
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
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
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
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