Maple Grove Family Law Blog

Will a divorce affect my credit?

On behalf of Terzich & Ort, LLP on Monday, March 25, 2019.

The process of a divorce can have the potential to be both emotionally and financially challenging. It is common to worry about whether you will be able to enjoy the same standard of living that you are accustomed to after a divorce has been finalized. In addition, you may be concerned about how divorce could affect your credit.

There are so many things to worry about during a divorce, and it is likely that you have prioritized the emotional well-being of yourself and your children above other issues such as finances and credit. This is one of the reasons why finances can suffer in this chapter of a person's life. However, taking small steps to understand how to gain control of your finances can go a long way.

How to navigate divorce as a business owner

On behalf of Terzich & Ort, LLP on Wednesday, December 26, 2018.

Staying in a marriage that isn't working is hard on the whole family. But, if you're the owner of a small business, choosing to divorce could have serious implications on the welfare of your business and personal finances.

Before entering divorce proceedings, it's important to consider how to make agreements and negotiations that consider the best interests of your business.

A childless divorce in Minnesota: What to expect

On behalf of Terzich & Ort, LLP on Thursday, September 27, 2018.

Marriages can go through strains and pressures no matter what the circumstances. Many people say that their marriage became more challenging once kids were put into the equation. However, many married couples decide to file divorce at a stage in their lives when they do not have children. The divorce process is never an easy one, but in the state of Minnesota, divorce can be simpler when no children are in the picture.

If you are considering filing for a divorce in the state of Minnesota as a person without children, you may be curious about how state laws will apply to you. Even though you will not have to deal with child support issues or lengthy child custody disputes, the process of divorce can still entail many different facets that can have long-term implications on your financial and emotional wellbeing.

A Minnesota divorce means splitting up your retirement fund

On behalf of Terzich & Ort, LLP on Monday, July 2, 2018.

When you choose to end your marriage through divorce, there are usually financial repercussions to that decision. Typically, you will have to divide income and debts accumulated during your marriage with your spouse. That can mean losing out on half of your assets, including equity in your home and funds in your retirement account.

However, since every marriage is unique, every divorce is also unique from other divorces. That means that it can be very difficult to predict exactly how the courts will handle the process of asset division if you do not have a prenuptial agreement. Unless there is an agreement between you and your spouse, the courts will make these important decisions on your behalf.

Trying mediation before divorce in Minnesota

On behalf of Terzich & Ort, LLP posted in Divorce on Monday, April 2, 2018.

When you and your spouse are thinking about filing for a divorce, it is likely due to issues with your communication in one way or another. When one or both spouses fail to make clear and constructive communication about what they want from their marriage or what they would like to see change, serious issues usually arise.

Before taking action or filing for divorce, many couples decide to try divorce mediation to see if it can help them work through their issues. Divorce mediation generally has two primary desired outcomes -- either it helps a couple work through their issues, thus allowing them to remain married, or it helps them decide that divorce is the best option. Mediation is designed to help couples move through the process of splitting up smoothly and amicably.

Tips for Buying a Home after Divorce

On behalf of Terzich & Ort, LLP posted in Divorce on Friday, February 2, 2018.

It can be nice to dream of a fresh start after a divorce. For some, a new home is part of the future that they envision for themselves after making such significant life changes. However, a divorce can result in significant debt and changes to credit scores.

Understand more about some important considerations before purchasing a new home after a divorce.

How alimony tax proposal could negatively impact divorces

On behalf of Terzich & Ort, LLP posted in Divorce on Tuesday, January 9, 2018.

House republicans have proposed a change to the current spousal support (alimony) laws that affect divorces all over the country. The change would take away the ability for the payee to have the alimony amount deducted from his/her taxes. In addition the recipient would no longer be able to have alimony count as taxable income.

Breaking down the details

3 ways to protect finances and credit score during divorce

On behalf of Terzich & Ort, LLP posted in Divorce on Monday, October 2, 2017.

Although you know divorce significantly impacts various aspects of your life, you may not be considering how it will affect your credit score. On the one hand, getting divorced does not directly reduce your credit score because your creditworthiness is not related to your marital status.

On the other hand, divorce can directly impact your finances, which can, in turn, affect your credit score. This could be because of trouble with paying bills, having joint accounts or dealing with a vindictive ex. Here is a look at each of these situations and how to deal with them.

Vital points about paternity and Recognition of Parentage

On behalf of Terzich & Ort, LLP posted in Paternity on Thursday, August 31, 2017.

Paternity in Minnesota is a frequent issue that must be navigated for the good of the parents and the child. One issue that must be understood is 'Recognition of Parentage.' This is a document establishing the legal relationship between a man and his child if he is not married to the mother. However, there are other factors to remember, such as its advantages, disadvantages and how it can be undone.

You planned for retirement -- How do you re-plan after divorce?

On behalf of Terzich & Ort, LLP posted in Divorce on Wednesday, August 23, 2017.

The rate of people divorcing over age 50, known as gray divorce, is increasing. This increase may not surprise you, but what may surprise you are the problems that this presents. People who are older usually have more assets to consider during the asset division of the divorce.

One of those assets is their retirement accounts, including 401ks, pensions and social security. Typically, retirement funds saved during a marriage will be considered as part of the marital assets during divorce and subject to some type of division.