Kennedy & Kennedy Law Office
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Areas & Topics

Understand spousal support in 2020

In 2020, there is no alimony deduction. In 2018, the alimony deduction that was available was the same that had been part of divorce planning strategies for over seven decades. The deduction had allowed the ex-spouse paying support to deduct it on their taxes. That gave them a tax break. The ex-spouse who received it had to pay taxes on it. That shifted income from a higher tax bracket to a lower one, in many cases, which meant that more money stayed in the family.

Now, that deduction is gone completely. Only divorces that were finalized prior to 2019 retain the tax status, but those after 2019 don't have the same tax benefits. That only considers federal taxes. States sometimes allow deductions and taxes, but not all do.

Yes, you need to fight a DWI or felony DWI

Your friends called you last night and thought it would be a great time to head to a local bar. They knew that you liked to drink, and you were excited to get a night out to relax.

You also believed that they would have a designated driver to help get you from point A to point B, but it turned out that they didn't. While you'd planned to leave your vehicle in the parking lot overnight and catch a ride home with the DD, you found you had no option but to try to make it home safely due to the lack of planning. You knew it wasn't the best idea, but you had no other options that you were aware of.

Key considerations when dividing property in Minnesota

When going through a divorce, one of the most complex issues to deal with is the division of assets. In Minnesota, community property is not recognized. This means that marital assets are not subject to a 50/50 split between divorcing spouses. Instead, assets are subject to equitable distribution, which means that assets are divided by the courts in a way that is fair and just according to the situation.

If you are facing divorce in Minnesota and you want to ensure that you get the best possible outcome for yourself and your family, it is important that you thoroughly understand the law and that you take the following considerations into account.

Spousal support: An important support for a lesser-earning spouse

Spousal support is an important support for some spouses going through divorce. For many people, spousal support is the difference between being able to afford to take time to find a job or having to rely on others. The goal of spousal support is to provide support to a lesser-earning spouse until they're able to be gainfully employed or until their financial situation improves.

Temporary or permanent spousal support orders are possible. Either one may be granted if the court finds that the spouse does not have enough property to provide for their reasonable needs or is unable to support themselves in line with the standard of living that was established during marriage.

If alternatives don't work, bankruptcy may be the right choice

While people sometimes talk about bankruptcy as if it is an extremely negative situation, the reality is that bankruptcy can help many people get their finances back in order. If you are someone who is struggling with debt, then bankruptcy might be the right option for you.

Before you choose bankruptcy, it is a good idea to educate yourself on the other options. There are options such as negotiating with creditors directly, getting help from credit counseling agencies and even taking on extra work to make larger payments on your debts.

Farmers and family fishermen: Chapter 12 bankruptcy can help

If you work in agriculture, you may have a farm and support the community through producing products such as wheat or meats. Perhaps you run a family fisherman business, but it only supports you during a few peak months of the year. Whatever the case is, if you are struggling, bankruptcy can help.

Chapter 12 bankruptcy, a relatively new form, is there for people like you when the debts of farm ownership become overwhelming. Chapter 12 bankruptcy is designed for those who are family farmers or fishermen with regular incomes annually. Through this bankruptcy form, you can work through an arrangement to pay back your debts and to have any additional remaining debts discharged at the end of the bankruptcy period.

Credit-card debt damage: Choosing bankruptcy

You always knew that your credit cards were a great way to help in times of crisis, but, over time, they became a crisis of their own. They grew in number and, because you did pay on time, you received high credit lines. You spent on them little by little, but now, they're almost all maxed out and you can barely pay the minimums.

You have no other real debts to your name, but the credit-card debts aren't reducing even when you make payments each month. The interest rates are just too high. Now, with a reduction in your hours at work, you think you'll start missing payments. You don't know what to do.

Handling your underage DWI charge in Minnesota

You aren't 21 yet, but some of your friends are. You went on what was supposed to be a exciting night out with your friends, and then things went an unfortunate and unwelcome direction. You were driving and got pulled over. The officer claimed to have smelled alcohol, and now you're facing charges of driving with a blood alcohol concentration over 0.0 percent while under the age of 21. Minnesota has a policy on underage DWI that limits you to no alcohol in your system whatsoever when it comes to driving.

There are many benefits of Chapter 13 bankruptcy

As you compare the details of Chapter 13 and Chapter 7 bankruptcy, you'll soon come to realize that there are a variety of differences.

With Chapter 13 bankruptcy, you propose a repayment plan to the court. This gives you the opportunity to repay some or all of your debt over the period of three to five years.

Chapter 7 bankruptcy exemptions: How they work

If you're gearing up to file for Chapter 7 bankruptcy, you're probably worried about how much property you're going to lose. In fact, you likely have visions in your mind that involve men in moving trucks coming to empty out your house, and later having your home taken away from you, too.

Fortunately, Chapter 7 bankruptcy exemptions may save you from having to experience something like this. Through various federal and Minnesota bankruptcy rules, you can probably keep a great deal of your personal property.

Contact

Kennedy & Kennedy Law Office
99 Navaho Avenue, Suite 104
P.O. Box 3223
Mankato, MN 56001

Phone: 507-550-1519
Phone: 507-345-4582
Fax: 507-345-1010
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