Categorized: Finances

A Lesson from Child Support Court: “Pull No Punches”

Posted on Tuesday, August 21st, 2018 by Tim Simonson and is filed under Child Support, Finances, Minnesota.

Minnesota Child Support Law mandates that child support is determined primarily by the parents’ incomes. Because income is so important to a court when figuring out a child support obligation, some parents have tried being “less than candid” when reporting income to the court.  The intent of this strategy, not surprisingly, is to end up… Read more »

Paying Off Your Spouse’s Premarital Debt

Posted on Tuesday, April 24th, 2018 by Marc Beyer and is filed under Debt, Divorce, Finances.

Let’s say that when you get married, your spouse has $10,000 in credit card debt. You have some savings built up, so when you get married, you decide to use some of your premarital savings and pay off the debt. This lessens your spouse’s debt load, and of course helps with the budget. The minimum… Read more »

LIFE INSURANCE TO SECURE SPOUSAL MAINTENANCE OR CHILD SUPPORT; DON’T TAKE IT LIGHTLY

Posted on Tuesday, April 10th, 2018 by Tim Simonson and is filed under Divorce, Finances, Life, Life Insurance.

Recently the Court of Appeals was asked by a surviving ex-wife to award life insurance proceeds to herself and children, which her ex-husband, before he died, elected go to his fiancé instead. When husband and wife were divorced, husband agreed to have life insurance in place to cover his maintenance and child support obligations. After… Read more »

Who Claims The Kids? The Riddle of Claiming Tax Dependency Exemption

Posted on Tuesday, April 11th, 2017 by Tim Simonson and is filed under Children, Divorce, Finances, Marriage, Minnesota, Taxes.

If you’re a parent, and you’ve filed taxes, you’re probably aware that the US tax code permits a taxpayer to claim an exemption for each of his or her dependents. 26 U.S.C. § 151. And, if you are a divorced or separated parent, you may know that if you who had the kids living with… Read more »

Financial Infidelity

Posted on Wednesday, February 22nd, 2017 by Marc Beyer and is filed under Divorce, Finances, Marriage.

KARE-11 recently did a series on what they called “financial infidelity.” We linked one of the pieces to our Facebook page. By financial infidelity, KARE-11 is referring to situations where one spouse spends significant money behind the other spouse’s back. As a divorce lawyer, I see this all the time, so I thought I’d weigh… Read more »

Family Court Lessons to be Learned from Prince

Posted on Tuesday, January 17th, 2017 by Marc Beyer and is filed under Divorce, Finances, Life, Marriage, Minnesota, Property.

As we all know, Prince died last year.  He died without a will, and the battle over his estate wages on in Carver County District Court.  As we’ve also learned, he died from an apparent overdose of fentanyl – a prescription painkiller – and he is twice divorced. Prince’s most recent divorce was granted in… Read more »