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Divorce Archives

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 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.

Retirement savings can be affected by divorce

Most Minnesota spouses facing divorce know to expect a range of emotional, practical and financial challenges. While people often think of these issues in the immediate terms, the ripple effects of a divorce can echo for years in a person's financial life. It can be particularly important for newly single people to plan for the future in order to increase their preparedness for retirement, especially since divorce is more highly correlated with difficulties in maintaining a standard of living in the retired years.

Financial planning for a divorce

For Minnesota couples, the decision to divorce can require a lot of financial planning. This may include obtaining copies of credit reports to clear up any errors before the divorce is underway. Soon-to-be exes should also gather copies of other financial documents and keep them somewhere safe such as with a trusted family member or in a safety deposit box.

How to plan for divorce before getting married

Minnesota couples who are getting married might want to consider creating a premarital agreement. As one financial expert points out, while this might seem like a cynical approach, it is not so different from wearing a seat belt. Neither action means a person really expects the worst to happen, but it can be important to be prepared.

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