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.
It goes without saying that a divorce can prove to be a very challenging experience -- even for those who welcome the prospect of leaving an unhappy marriage. As such, it's not uncommon for spouses going through a dissolution of marriage to make either intentional or unintentional mistakes despite their best efforts.
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.