Minnesota is an equitable distribution state in the context of divorce. What that means is that when a married couple seeks a divorce, the expectation is that any assets owned by the couple will be equitably divided between the parties.
There is no disputing the significance that Americans attribute to their pets. Surveys conducted by the American Pet Products Association indicate that 68 percent of households in the country own at least one pet. Animals frequently enjoy a status in the household well above that of "animal." In some cases, they are considered family.
In Minnesota, assets and property acquired during marriage are generally considered marital property and subject to equitable division upon divorce. Some assets are fairly straightforward and simple to divide, such as a shared bank account. Others, such as a business or professional practice, require more thorough investigative and valuation efforts.
Back in November, our blog continued exploring the very curious divorce case playing out in an Oklahoma courtroom between 68-year-old oil tycoon Harold Hamm and his 58-year-old wife of 26 years, Sue Ann Hamm.
Anyone going through a divorce will need to address a multitude of items as far as property division is concerned from bank accounts, insurance and retirement accounts to real estate, business interests and household furnishings.
Here in Minnesota, the property division process is governed by a legal concept known as equitable distribution. This doesn't mean that all property is automatically going to be split 50-50 in a divorce, but rather that the court will consider a variety of factors in arriving at what it deems to be a just partitioning of property.
Over the last few months, our blog has been closely following the divorce trial of 68-year-old oil magnate Harold Hamm and his 58-year-old wife of 26 years, Sue Ann Hamm.
In our previous post, our blog discussed how more and more older Americans are now deciding to pursue divorce, a trend that many attribute to everything from greater financial autonomy to a seismic shift in social patterns.
While many of us associate divorce with either young couples -- married too early -- or middle aged couples -- demands of work and family prove too much -- statistics show that this mode of thinking may be outdated.
A divorce trial described by one court filing as "matrimonial litigation of unprecedented scope and complexity" that has been closely monitored by legal experts for nine weeks officially came to a close last Thursday.