Minneapolis Divorce Law Blog

The division of property at the time of divorce is always complicated. Couples accumulate furniture, collectibles, art, and a host of other household items that may have lost their personal value at the time of divorce. Now, auctions give high-asset couples the opportunity to sell assets, divide the profits, and walk away with a clean slate.

Disputes over property division are nothing new for divorcing couples in Minneapolis, Minnesota and nationwide. In the past, divorce settlements were based on personal attachment or an assigned value to each item that could ensure both parties walked away with an equal share. An auction may be a viable option to liquidate assets, collect cash, and minimize the complications and stress that can impact a property settlement.

In an increasingly global market, more parents will have to relocate to other states or even other countries for work. Now parents who are far away from their children can keep in touch by e-mail, Facebook, Skype and by phone. Courts are using the term "virtual visitation" to refer the rights of a non-custodial parent to communicate by electronic means with a child.

As one in four children have unmarried, separated or divorced parents, there are close to 10 million American children who do not have regular face-to-face interactions with one custodial parent. The first "virtual visitation" case sprung up in the late 1990s when similar technologies were made available to parents and their children. Now courts are mandating virtual visitation in some divorce orders to make parenting easier and to make communication more available to children.

In the current economy, our financial portfolios can be difficult to assess. Determining the full value of assets, especially stocks, bonds and retirement accounts is not always easy. Dividing these assets can be even more complicated. A recent decision may have future implications for divorcing couples with assets that increase or decrease in value over time.

This week, New York's top court has dismissed a lawyer's attempt to undo his divorce settlement and force his former wife to absorb the losses tied to Bernard Madoff's ponzi scheme. The results in this case could signal the future for fraud and investment losses for divorcing couples in Minnesota as well.

When divorce is inevitable, both parties need to be concerned about the protection of marital property. This can be more difficult for dependent spouses, often women, who are not in control of the finances. During divorce, protecting your rights to property is critical, so you want to pay attention to any warning signs that your spouse is squandering or hiding assets.

High-asset couples in Hennepin County and throughout Minnesota should keep this in mind before and during divorce proceedings. If you are divorcing and believe that your spouse is illegally or wrongfully hiding assets, you have the right to take control. Keeping abreast of your finances and informed of your rights can help you protect your marital property as well as your future security.