Child Support & Minnesota Business Owners

taxes and child support

Going Corporate With Child Support: Child support for Minnesota business owners Child support and corporate/business income are not likely to be high on anyone’s list of their favorite things to think about.  When you combine both of them together, they quickly become even less pleasant.  For Minnesota business owners, however, a recent Minnesota Supreme Court decision makes the combination of these two an important consideration in some divorce situations.  This is because, as it turns out, your income may be bigger than you think it is, at least for purposes of calculating your child support, if you are a shareholder …

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 …

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 …