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Divorce Archives

A prenuptial agreement today could save precious time in the future

Wealthy couples commonly use premarital, or prenuptial, agreements to determine how their property gets divided if they get divorced in the future. However, there might be some excellent reasons for average-income Minnesota couples to use this tool and avoid a costly divorce. Although drafting a prenuptial agreement could cost more than $5,000, the benefits of having one might far outweigh the costs.

Co-parenting teenagers after divorce

Many spouses who file for divorce in Minnesota will have to co-parent with their ex. While this can be difficult no matter the age of the kids, co-parenting teenagers comes with unique challenges. It's important to consider some of the most common mistakes parents make when co-parenting teens.

Divorce could impact spouses' credit reports

Many Minnesota couples know that the financial effects of a divorce can have long-term impacts that linger on even after the emotional and practical issues are resolved. However, the first matter that come to mind may be how to divide the marital home or retirement funds, rather than a potential impact on each spouse's credit. While marital status is not taken into account when calculating a person's credit score, the end of a relationship can still have a lasting impact. People can take precautions in order to protect their credit score and emerge from a divorce financially healthy.

Divorcing as a business owner

Business owners in Minnesota may face special considerations when they decide to divorce. The end of a marriage always comes with an array of decisions, but those associated with a family business can be more complex. This is especially true when a high-value business or one with a great deal of importance to both spouses is involved. In most cases, a business will be considered part of marital property, subject to division as part of the divorce process. However, when one or both spouses are especially committed to the company, this can easily become one of the more contentious and difficult issues even for otherwise amicable couples.

Steps to prepare for the divorce process

People in Minnesota who are considering divorce may find it helpful to research state laws related to the process. By fully understanding what a divorce will involve, a soon-to-be ex can be prepared for the future. The decision to divorce can be difficult, and it is a life-changing event.

Wife's illness more likely to lead to divorce than husband's

Illness can cause significant stress in a marriage, and research increasingly indicates that it may make divorce more likely but only if the wife gets sick. Several different clinical studies have found that women are at a higher risk of divorce after they are diagnosed with cancer or other illnesses, but the same circumstances do not necessarily increase divorce risk for men. People in Minnesota should be aware of the potential ramifications of a diagnosis as they apply to the health of a marriage.

Managing a divorce following new alimony tax laws

When couples in Minnesota contemplate divorce, they likely think about how they will divide up their assets, who will have custody of any children involved, who will get the home or whether it's best to sell the home and then divide the assets. As of Jan. 1, 2019, divorcing individuals will face new tax guidelines that may impact how they go about making these decisions.

Age generally doesn't make divorce easier

Since 1990, the divorce rate for those over the age of 65 has tripled while it has doubled for those between the ages of 50 and 64. For older Brainerd residents and others contemplating divorce, ending a marriage is never an easy process to go through. Furthermore, it can have an impact on the friends and family members of the estranged couple

Important issues when dividing retirement accounts during divorce

Divorce among people over 50 has been trending upward since the 1990s. Older individuals in Minnesota likely have multiple retirement plans to split when they end their marriages. They could have one or more 401(k) plans and pensions from jobs over the years as well as Individual Retirement Accounts.

The value of planning for a divorce

Few couples anticipate going through a divorce when first getting married, but with divorce rates at 50 percent, planning for a future separation is the intelligent thing to do. Knowing what the expect when the time comes can reduce a lot of confusion and stress for both parties. If done correctly, planning can result in a peaceful negotiation of terms through mediation or collaboration rather than an extended and expensive trial. All the adults and children involved can benefit.

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