Kniess Law, LLC
651-393-9072

Woodbury Family Law Blog

Splitting retirement savings can be complicated during divorce

When you decide to dissolve your marital union, one of your chief concerns may be how to go about dividing your assets. Specifically, you may be worried about how to split your retirement savings, particularly if this is one of your biggest assets. Here is a look at how retirement assets are divided during the property division process in a Minnesota divorce proceeding.

Minnesota is an equitable distribution state. This means that any assets that you and your spouse have accumulated over the course of your marriage are considered to be marital property and must be split equitably, or fairly. Based on this principle, your assets will not automatically be split 50/50. Instead, they will be split in a manner that the court deems to be most appropriate based on who has contributed the most financially, for example.

Three steps to help foster a successful co-parenting experience

Parenting is filled with challenges, even in the best of circumstances. However, co-parenting after divorce can easily add to those challenges, especially if you and your ex-spouse have not yet recovered from the pain and frustration surrounding your divorce.

However, if you and your spouse have children, you may need to find a way to make co-parenting a successful experience for your kids. Sometimes this is easier said than done, but every step in the right direction helps. Three ways to help co-parenting be a success include keeping parental conflict from your children, finding a way to communicate with your ex and maintaining consistency.

Divorce impacts health, life insurance

Ending a marriage can be complex, as the process has not only emotional but also financial implications. In light of this, it is easy to forget to tackle some pretty basic items, such as health and life insurance. Nevertheless, being prepared for how these types of insurances will change following one's divorce in Minnesota is critical.

For starters, thanks to COBRA, those who get divorced but were under their spouses' employer-based medical insurance plans can stay under these plans for up to three years. This buys them time to secure their own insurance plan, but the downside is that COBRA coverage is costly. Still, with the Affordable Care Act, more insurance coverage options are available today and thus may be worth exploring first.

Thinking of moving out of state? Here's how it will affect custody

Life throws all kinds of curveballs our way. New opportunities arise, and we want to share those opportunities with our family. For parents who are divorced, taking advantage of prospects out of state can be complicated. Many people in our region move back and forth between Minnesota and Wisconsin, putting both state's laws at play.

For parents thinking of relocating their child from one state to another, here is what you need to know:

Deciding what to do with the family home in a divorce

In most Minnesota divorces, the family home falls under the category of marital property. This means it is to be equitably divided. There are three main ways this can be handled:

  • The home can be sold, with each spouse getting a fair portion of the proceeds
  • One spouse can keep the home, paying the other a fair buyout price in exchange for full ownership
  • The two spouses can continue jointly owning the home

Contact us To find out why our family law approach is right for you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
Kniess Law LLC

Office Location

Kniess Law, LLC
2155 Woodlane Drive
Suite 100
Woodbury, MN 55125

Phone: 651-393-9072
Fax: 651-315-8053
Woodbury Law Office Map