Our Financial Related Family Law Services in Minnesota include child support, spousal maintenance, and property division. Property division is also known as division of assets and debts in a divorce or legal separation.
Minnesota Statutes in Chapter 518 provides the framework for the division of property, spousal maintenance, and child support. Most Family Law Attorneys in Minnesota understand laws pertaining to the division of property, spousal maintenance, and child support. Having a Family Law Attorney who understands financial documentation, valuations, various tax forms can make a difference with property settlement and support calculations. While most attorneys in family law understand 1040s, paycheck stubs, W-2s, 1099s, there are other tax forms and schedules some may not be as familiar with. These less familiar forms can include: 1120s, 5471s, 8865s, etc. Less familiar statements on a tax return include: Section 351 transfers, Section 361 transactions, de minimus safe harbors, 1031 like kind exchanges, etc. Understanding how these forms and statements fit in the context of a divorce can make a difference in negotiating property settlement and support. In addition, understanding Profit and Loss Statements, Balance Sheets, Cash Flow Statements, and valuation reports is necessary in tying information from tax returns and statements to other evidence gathered or requested. The purpose in understanding these informative documents is to confidently assert your rights during negotiation (mediation) or trial.
However, while our firm has an understanding of the various tax returns and financial documents listed, we do not offer tax advice, financial planning, or valuation services. We review the documents for critical understanding of what the law requires or permits under the circumstances our clients face. We may refer clients to various experts whose sole job is to perform calculations and offer insight for settlement or at trial as a witness. Sometimes matters include neutral experts with both sides reaching agreement as to who will perform the analysis necessary. Other times, a non-neutral expert may be necessary to review yours or your former spouse’s finances in depth. Our role is to identify when and what kind of expert is necessary along with reviewing experts work for additional strategic planning to protect your rights and interests.