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
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
If you and your spouse own iPhones, you might also share an Apple ID. An Apple ID is a username and password combination that syncs to iCloud and allows you to access your settings, photos, messages, etc. across multiple devices. Often times couples will ...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
A prenuptial agreement, or antenuptial agreement, is a legal contract entered into by two people before they marry. These agreements can be particularly important for a physician because in the unfortunate event of a future divorce, a prenuptial agreement can be a vital part ...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