Terzich & Ort, LLPFindLaw IM Template2024-02-09T08:25:26Zhttps://www.tolawoffice.com/feed/atom/WordPressOn Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=493642024-01-05T01:48:02Z2024-01-05T01:48:02Z1. Transparent communication
Open and honest communication between spouses lays the foundation for a fair asset division. Make a list of all assets, including properties, bank accounts and investments. Clearly discuss the value of each item and be willing to compromise. Transparency fosters understanding, minimizing disputes during the divorce process.
2. Mediation services
Consider utilizing mediation services to facilitate constructive discussions. A neutral third party can help guide the conversation and find common ground. This approach encourages compromise and prevents the need for a court battle. Mediation empowers both parties to actively participate in the decision-making process, promoting a fair distribution of assets.
3. Focus on needs rather than wants
When dividing assets, prioritize needs over desires. Identify essential items, such as the family home, basic furniture and necessary financial resources. Ensure that both spouses have access to resources that enable them to maintain a reasonable standard of living post-divorce. By focusing on needs, the division becomes more equitable and less emotionally charged.
4. Consider future financial stability
Think about the long-term financial stability of both parties. Evaluate the potential impact of asset distribution on each person's ability to support themselves independently. Balancing the division in a way that ensures future financial security for both parties contributes to a fair resolution.
With the U.S. divorce rate at 2.5 per 1,000 population in 2021, many couples grow apart. During the process of dissolving the marriage, being proactive can help ensure a smoother transition into your new life.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=493482023-11-08T19:42:39Z2023-11-08T19:42:39ZFiling a petition
One spouse initiates the legal proceedings by filing a divorce petition with the appropriate court. This individual is the petitioner.
Serving the papers
After filing the petition, the petitioner must serve the divorce papers to the other spouse, the respondent. This process can involve a process server or law enforcement officer.
Response and counterpetition
The other spouse, upon receiving the divorce papers, has a specified timeframe to respond to the divorce petition. They can also file a counterpetition outlining their terms for the divorce.
Temporary arrangements
To ensure stability in essential matters during the divorce process, the court may issue temporary orders for child custody, spousal support and property division.
Discovery and disclosure
Both parties exchange financial and other relevant information through discovery. Full disclosure is essential to ensuring an equitable division of assets and debts.
Negotiations and settlement
Most divorce cases are resolved through negotiation. Spouses work together, either independently or with the assistance of mediators, to reach a mutually agreeable settlement regarding property, finances, child custody and other matters the law requires.
Trial
In cases where a couple cannot reach an agreement through negotiation, the case may proceed to trial. A judge will hear evidence and make decisions on unresolved matters according to state law.
Finalizing the divorce
Once the couple or the court resolves all issues, the court will create the divorce decree for both parties to sign. This document outlines the terms of the divorce. Both parties must adhere to the terms outlined in this document.
While this overview of the divorce process provides a general understanding, it is important to recognize that every divorce is unique, and the specific steps may vary. Being well-informed about the process can help couples navigate this process more effectively.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=493462023-07-04T20:15:10Z2023-07-04T20:15:10ZPrioritize your life
Life does not just stop after a divorce. You still have to do household chores, work, attend school and care for your home and family. It helps to list what you must do on any given day in the order of most to least important.
Get rid of things
Whether you put them away, give them away or throw them out, get the reminders out of your sight. Unless it is necessary, avoid contact with your ex-spouse. Look forward to the single life, not backward at your marriage.
Establish a support system
Although you may have a support system in place already, it is always a good idea to evaluate and add to it. Friends, family and support groups are all available. This helps with the loneliness that comes after you have had someone in your life for a long time.
Establish a healthy routine
It is easy to develop bad habits when you are alone and grieving. Some people develop eating disorders, while others turn to drugs or alcohol. Instead of doing this, you need to focus on healthy habits such as exercising and eating healthy foods. Going to the gym will get you out of the house, and you might meet new people.
The aftermath of divorce is difficult, but you can overcome it by focusing on what is important to you as a newly single person.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=492962023-03-22T19:02:40Z2023-03-23T19:02:31ZChanging goals
Sometimes referred to as growing apart, older couples often find that their goals are different when faced with an empty nest. Years of raising children and dedicating hours to career pursuits can lead to changing visions which become most apparent once the children move out.
Financial challenges
Money is often a source of contention in any divorce, but in a gray divorce, it takes on a different level of importance. When one spouse is irresponsible with money, the other spouse may develop concerns about protecting retirement funds and assets for future needs. This can lead to divorce.
Infidelity
While most people think about infidelity as most common among younger couples, it is a cause of gray divorce as well. Whether due to a lack of intimacy from hormone level changes, midlife crisis issues or changing interests, infidelity is another common reason for gray divorce.
Starting over in your 50s and beyond can feel scary, but it provides you an opportunity to forge the path you want for your final chapter in life. Consider your financial and retirement goals as well as your emotional needs as you decide if divorce is right for you.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=492872023-01-03T01:34:23Z2023-01-03T01:34:23Zdivision of marital property under Minnesota law. An accurate business valuation can provide the leverage you need to negotiate for a favorable outcome regarding your business following the divorce.
What is a business valuation?
Business valuation is a professional service provided by an unbiased appraiser who will take stock of your business, its finances, its assets and any associated real estate to determine its overall value. Knowing the value of a family business is crucial for fairness and equitability during the asset division process of a divorce. It is also good practice for both spouses to conduct separate valuations for the sake of impartiality, even if only one spouse is the current owner.
How does a valuation protect your business?
An unbiased valuation can be a powerful negotiation tool if you and your spouse are open to mediating divorce matters outside of court. With the true value of your business apparent for all to see, you can arrive at a compromise of keeping the business intact under your ownership in exchange for other marital assets that your spouse might wish to keep after the split. Without such an agreement, it is possible that you might have to liquidate the business entirely and split the finances with your spouse.
The fate of a family business is rarely certain at the outset of a divorce. With a business valuation, however, you have options for how to best keep your operations and livelihood intact.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=491262022-11-04T20:42:03Z2022-11-04T20:42:03ZAre retirement assets divided between spouses?
Retirement assets are subject to the same terms of division of marital property as your other possessions. This means that any contributions made to a retirement account during the marriage will factor into the equitable distribution of marital assets between you and your spouse. Keep in mind that if you make significantly larger contributions than your spouse, you might emerge from the divorce with noticeably fewer retirement funds.
How can you protect your retirement assets?
In the event that the division of marital property might set back your retirement plans, you may understandably wish to take measures to protect your retirement assets. If you do not have a prenuptial agreement, you can negotiate a postnuptial agreement with your spouse. Mediating the division of assets outside of court empowers both parties to advocate for their own priorities and make compromises as necessary.
As with any other marital assets, your contributions to a retirement fund are subject to asset division during your divorce. If upholding your retirement plans is a high priority for you, it may be necessary to sacrifice other assets to secure your spouse's agreement in leaving the full extent of your savings to you.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=489942022-06-28T14:04:29Z2022-06-28T14:04:29Zdivorce proceedings into high gear.
Communication
Talking with your soon-to-be-ex is likely a struggle. That said, it behooves both of you to share important information. That way, there are no surprises that could turn into roadblocks on your path to going separate ways. Vital matters, such as child custody and asset ownership, beg for discussion. Review them sooner rather than later.
Mediation
Rather than heading to divorce court, plan on ending your union through mediation. This option is speedier than airing grievances before a judge and awaiting a verdict. Allow a neutral, third party to assist with negotiations. In the interest of fairness, each of you should have an attorney during these proceedings.
Documentation
Agreements are only official once they get written down, signed and dated. Have a lawyer draw up a contract the moment you agree to anything. Putting the terms of your settlement onto paper reduces the risk of misunderstanding. Resolving questions is a simple matter of referring to the record. The alternative is that differing perspectives turn into long, drawn-out points of contention.
Getting through divorce is like ripping off a Band-Aid. The quicker it happens, the less painful it will be. Staying open-minded and agreeable makes the process go quicker and reduces extra conflict.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=485542022-03-23T20:50:07Z2022-03-23T20:50:07ZProvide simple explanations
While kids can be naturally curious, there is no reason to go into detail about the separation. For example, you can simply explain to the child that you and their other parent get along better when you are apart.
Avoid speaking ill of your former partner
Although it can be tempting to vent about the divorce, especially to an older child, avoid badmouthing your ex-spouse. You should strive to keep negative feelings between you and your ex-partner separate from your child's relationship with the other parent. If possible, discuss the divorce with your child together with your ex-spouse.
Focus on reassurance
Children often have questions about divorce because they are afraid of what the change might bring. Let them know that both parents still love them and will continue to care for them. Reassure them that what you are doing is in the best interest of everyone involved.
Explaining divorce to kids can be difficult, but learning how to do so in an empathetic manner will help ease their fears and concerns.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=485382022-02-01T01:52:21Z2022-02-01T01:52:21ZPendente lite
This is a temporary order issued by the court that provides an outline of certain behaviors and expectations during the divorce process. These are common in divorce cases, especially when the separated couple has children. Because divorces can take months or even years to complete, and life does not stop to wait for this process, it is often necessary to establish temporary but binding terms for each spouse to abide by.
Common terms
Pendente lite orders can temporarily address a number of different issues. For couples without children, spousal support and home residence are commonly found. For those with children to consider, pendente lite orders almost always address child support, custody and visitation. At the very least, this temporary issuance of terms allows couples to gain some semblance of normalcy and help them maintain the lifestyle they have become accustomed to.
When custody and visitation issues arise, these orders provide much-needed guidance that allows both parents to spend time with their children. This routine, as well as an argument-free environment, is crucial for the wellbeing of the kids.
Filing a motion for pendente lite relief is a valuable option for many separated spouses, as they often find the guidance beneficial.]]>On Behalf of Terzich & Ort, LLPhttps://www.tolawoffice.com/?p=485102024-01-28T10:35:14Z2021-09-03T19:28:33ZTrading other marital assets for business ownership
The idea of having your ex-spouse as an owner or partner may not bode well with your existing business partners or associates. You may, however, have an option to trade your spouse's share of the business for other marital assets. If your spouse wants to keep a shared residence, for example, you may trade it for 100% of your business.
Dividing the proceeds after a business sale
Some owners find that divorce changes their lifestyle plans. If you prefer to sell your enterprise, you may wish to consider obtaining a professional appraisal. Your financial statements and your product or service's marketability may provide a good idea of an asking price. Selling a business during a divorce, however, generally requires dividing its proceeds fairly with your ex-spouse.
With some planning, you may buy out your spouse's fair share of your business in a way that does not compromise its income and operation. Whether you decide to keep your enterprise or sell it, an appraisal can help you determine each spouse's fair share. This may serve as a helpful first step in negotiating a favorable divorce settlement.]]>