Every month, millions of Americans either get out their checkbooks or go online to make payments on loans they took out at some point in time. Indeed, many people repeat this process several times, gradually paying off things like their homes, their education and their vehicles.
Phrases like "working toward a compromise" and "mutually acceptable resolution" typically aren't used in the context of divorce. Indeed, you are probably more accustomed to hearing terms like "bitter legal battle" and "courtroom drama" used in these discussions.
Those couples who have made the difficult decision to pursue a divorce likely anticipate that they will have to take trips to law offices and courthouses over the course of the coming months. However, what they likely don't anticipate is having to take a trip to a classroom.
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.
There are two categories that the various assets of two spouses who are getting divorced can fall into: marital property and nonmarital property. Some examples of assets that Minnesota law generally classifies as nonmarital are: assets a person obtained prior to the marriage, assets a person obtained through inheritance, assets a person obtained through a gift and assets that a valid prenuptial agreement classified as nonmarital.
The last six weeks have been something of a holiday whirlwind for people across the nation, as they've carved turkeys, wrapped and exchanged gifts, and officially celebrated the start of 2015.
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.
Last time, we discussed how thanks to the challenging nature of divorce, many spouses either make intentional or unintentional mistakes despite their best efforts. Specifically, we discussed how one of the biggest -- and perhaps most common -- of these mistakes was adopting an uncompromising position regarding almost every matter in the divorce.