What You Need to Know When Navigating a Gray Divorce

June 10, 2024  |  admin

Divorces among couples over the age of 50 are on the rise across the United States. These “gray divorces” come with special challenges that younger divorcees may not face, such as planning for retirement with a more limited income. At Barna, Guzy & Steffen, we understand the emotional, legal, and financial complexities involved in gray divorce, and we’re here to help you through the process. In the following blog, we’ve gathered important information that you should know if you are considering or navigating a divorce later in life. Spousal Maintenance Also known as alimony, spousal maintenance is financial support that one spouse may be required to pay to the other following a divorce. The goal is to maintain the other spouse’s standard of living, and it is often awarded to spouses who gave up careers to raise children. It is generally preferable that the separating couple makes a decision regarding alimony themselves. If they cannot come to an agreement, a judge will decide how much alimony a spouse must pay and for how long. The judge will award alimony based on several factors, including each spouse’s financial needs and abilities, the length of the marriage, and career sacrifices made by the spouse requesting alimony. While permanent alimony used to be common, a judge…

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How to Plan a Parenting Time Schedule for Summer

May 1, 2024  |  Jason C. Brown

Child custody is a complex matter that can be difficult for parents and children. Summer vacation often brings further complications as children are off from school and families make travel plans. With summer quickly approaching, we’ve put together a guide of things to know and best practices to follow when making your summer parenting time schedule. Check Your Legal Papers The first step in planning time with your children this summer is to examine your court orders and legal agreements with the other parent. Parenting time is separate from custody, and non-custodial parents are generally awarded at least 25 percent of their children’s total parenting time. In Minnesota, parenting time is measured based on the number of overnights a child spends with a parent over an entire year. Your court-issued parenting time order may specify seasonal changes in these arrangements. Consider Summer Schedules Next, make sure to account for how everyone’s schedules may change during the summer, including you, the other parent, and your children. Do you or the other parent work seasonal jobs or attend school? Do either of you have summer hobbies that would affect your schedule? Your children may also work summer jobs or attend summer camps. Older children may have recently acquired driver’s licenses and desire to spend more…

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Navigating Digital Assets When Settling an Estate

April 9, 2024  |  Tyler W. Eubank

Navigating the estate settlement process after the death of a loved one is an emotional and confusing matter for many people. The existence of password-protected online accounts can further complicate this process. So, what can you do about these “digital assets”? Keep reading to learn more on the specifics of navigating digital assets when settling an estate. Revised Uniform Fiduciary Access to Digital Assets Act The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is a uniform law that has been adopted by nearly all U.S. states, including Minnesota. RUFADAA dictates which digital assets fiduciaries may or may not gain access to when settling an estate. A digital asset is any electronic record in which a person has an interest. This encompasses basically any online account you may have, such as online banking service accounts, accounts from which you pay bills, email, social media, cloud-based storage, and more. Plan Ahead When it comes to digital assets, the best thing that you can do is plan ahead. Make sure your estate plan explicitly authorizes or prohibits access to your digital assets. Keep account usernames and passwords somewhere safe where they can be accessed by a trusted individual in the event of your passing. Many accounts also allow you to designate someone to take…

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