In Minnesota, divorce cases may require mediation when the couple cannot reach an agreement on the terms of the divorce. This process allows each party to present their argument and negotiate the terms to enable them to receive assets based on their needs. A mediation attorney in Mankato, MN helps these couples reach an agreement without the need for a divorce trial.
Division of Marital Property
The division of marital property must provide both parties with an equal share of the assets including monetary assets as well as real property. The division may include properties that either party owned prior to the marriage if they were used by both parties during the marriage. The terms of a prenuptial agreement could present modifications for property division based on the divorce grounds.
Child Custody and Support
Child custody and support arrangements should provide each parent equal time with the children whenever possible. This could include joint custody where both parents have decision-making power about common concepts related to the children such as the school they attend or the doctor that provides medical care. Child support is based on the income of each parent and the financial needs of the child.
Pension Plans and Retirement Funds
Pension plans and retirement funds are often divided according to the length of the marriage and how each party contributed to these plans. If it is a short marriage, generally under five years, it is less likely that a spouse will receive any portion of a pension plan. However, if they contributed to a retirement plan, they will receive their portion of the proceeds.
Debts and Income Tax Arrangements
Each party typically takes responsibility for their own debts in a divorce case. However, some debts that were shared are often split between the parties. Income tax arrangements are made if the couple owes taxes at the end of the year or if they have children.
In Minnesota, divorce cases require each party to agree to the terms of a settlement. If either party contests the divorce for any reason, mediation is often scheduled. Couples who need assistance from a mediation attorney in Mankato, MN can visit Blatzlawminnesota.com now.
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