Category: Divorce
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…
Read MoreHow 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…
Read MoreThe Benefits of Prenuptial Agreements
March 1, 2024 | Jason C. Brown
Prenuptial agreements, often referred to as “prenups,” are legal documents designed to outline the division of assets and financial responsibilities in the event of divorce or the death of one spouse. While some people may view prenups as something that is negative or unnecessary, prenups can offer significant benefits for couples entering into marriage. Continue reading as we explore the benefits of prenuptial agreements. Asset Protection One of the primary benefits of a prenuptial agreement is the ability to protect your assets that you acquired before your marriage. This is important for individuals who have substantial assets, such as real estate, investments, or business interests. A prenup will specify which assets will remain separate property and which will be considered marital property, providing clarity and protection in the event of divorce. Debt Protection In addition to protecting assets, a prenuptial agreement addresses how debts will be handled during the marriage and in the event of divorce. Without a prenup, spouses may be liable for each other’s debts accumulated during the marriage, even if they were incurred independently. A prenuptial agreement can specify that each spouse will be responsible for their own debts, providing peace of mind and financial security. Protection of Your Family Assets Individuals with children from previous relationships may use prenuptial…
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