Dividing Farm Land In A Minnesota Divorce

I’ve discussed farm divorces before in this blog and while there are some unique issues during farm divorces, there are some general principles regarding the division of farm land (also real property). The basic principle is that each spouse is entitled to ½ of the assets in the divorce as well as ½ of the debt. So if a you and your spouse own 100 acres of farmland valued at $5,000 per acre with $75,000 still owed on the land the total equity to divide would be $425,000. Seems simple enough? Well there are a few sticky points: What is …

Forensic Accountants: A Necessity During Divorce?

divorce fiancnces

 Forensic Accountants: A Necessity During Divorce?  Though reasons for divorcing may vary, there are several common recurrent topics amid most divorces. Aside from the stress and money involved, there is often the feeling that one person is getting a better deal than the other. Often this feeling stems from financial inequality in the marriage where one person may have earned significantly more than the other. While one partner may have earned less income, s/he may also feel that personal contributions added up significantly during the length of the marriage and that s/he is due some form of compensation for working …

How Do I Divide A 401k During My Divorce? (Hint: it’s a QDRO!)

How Do I Divide A 401k During My Divorce?  (Hint: it’s a QDRO!)

A QDRO is short for a Qualified Domestic Relations Order. This is an order that allows you transfer either portions or a whole retirement account between you and your spouse without either 1) the taxes being paid upon transfer and 2) penalty free. It’s very common in Minnesota Divorces to do a QDRO (Hint: we divorce lawyers typically pronounce it as one word a QWAD-RO), but this little beauty is often not talked about very often and many people going through a divorce don’t really understand the mechanism of how retirement money will be divided. My goal is to pull …

Finding A Good Minnesota Farm Divorce Lawyer

So, you or your spouse own a farm and now you are getting divorced. You think that any Minnesota divorce lawyer will do right? Wrong. Unfortunately, many divorce lawyers who are very good at simple divorces simply are not equipped to handle a farm divorce. Why you may ask? Aren’t all divorce lawyers the same and the law is the same isn’t it? Well, sort of, the law is the same but what’s different is that the way a farm typically operates and is financed is not the same as a small business or a standard “wage earner.” A W-2 …

Minnesota Divorce And The Business Owner

With the increase of divorce in Minnesota, divorce lawyers have to become versed in business entities and law.  The days of the general legal practitioner are gone.  But, let me tell you a dirty little secret that most Minnesota divorce lawyers have, they are divorce lawyers….not business lawyers.  They don’t like to look at the books, K-1 statements or god forbid, the taxes!  Let me explain a little more. What often occurs in a divorce involving an S or C corporation or closely held partnership is that the income tax filings often have very little relationship to what the company …