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.
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.
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.
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.
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
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.
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.
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.
For years, a common suggestion for Minnesota couples seeking a divorce was to talk with an attorney before the separation. Now, a new trend is leading couples to secure their finances with help from more than just an attorney.