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Divorce Archives

Legal advice and financial decisions for divorce go hand in hand

Unfortunately, divorce is a relatively common occurrence in Minnesota. Nationwide, over 800,000 people end their marriages every year. The desire to exit a relationship might prompt people to focus on the immediate relief of independence, but legal advisers warn that a long-term analysis of finances needs to take place before agreeing to a divorce settlement.

Keeping the family home in a divorce

During a Minnesota divorce, a former couple will have to divide up any property they obtained during their marriage. For many, this means making decisions about the family home. One person often wants to retain ownership, especially if there are kids involved. However, simply choosing to keep the home may not be as simple of a decision once the financial reality sets in.

How health insurance impacts divorce

Because of uncertainty surrounding federal health care policy, some Minnesota residents whose marriages are coming to an end might be putting their divorces on hold. In some cases, couples are choosing to stay together while finalizing the terms of an eventual divorce. In others, couples are having divorce papers drafted but are not signing or filing them.

The correlation between stressful jobs and divorce

Some Minnesota couples may work in professions that make them more vulnerable to divorce. A study that used census data to examine careers and the likelihood of divorce by the age of 30, the average divorce age, found that of the top 10 jobs that have the highest correlation with divorce rates, three are in the military. Factors such as psychological stress, including depression and post-traumatic stress disorder, along with moving frequently and deployments were among the reasons cited for the higher rate of military divorces.

Divorce misconceptions can be costly

Ending a marriage can be a traumatic experience even for Minnesota couples who have been estranged for years, and divorcing spouses sometimes turn to family members or close personal friends for advice or comfort during these difficult times. While these individuals generally mean well, they may not possess the experience or knowledge needed to give sound financial or legal advice. Misconceptions are common in divorce cases, and people often make disastrous decisions because they believe things to be true that are not.

Complications to consider when blending families

Minnesota couples who have been married before and who are planning to blend their families should consider a number of financial issues. It is important that each person understands the other's attitude on money and that the couple discusses plans for saving and spending. They should also talk about longer-term plans and what they want their children to learn from observing their attitudes about money.

Alimony and tax deductions

When a Minnesota couple gets a divorce, one person may be required to pay alimony to the other. In most cases, the alimony is tax-deductible for the person who pays, and the person who gets the alimony must pay taxes on it. However, the alimony will not be considered tax-deductible if it is not part of a divorce agreement.

Early steps for stability after the end of a marriage

Most people have some idea their partner is about to file for divorce, and spouses in Minnesota usually don't seek an end to their marriage without making some plans. If it seems like a possibility, there are ways to prepare financially for the end of a marriage. These steps can minimize fights over property division later on, speed up negotiations and reduce tensions at a time when emotions are clouding judgement.

Employment strong factor in divorce

Minnesota residents may be interested in the findings of a study correlating divorce rates with employment. A Harvard professor found that since 1975 a husband's employment status has played an increasing role in the likelihood of divorce. While each divorce is unique and comes with its own list of causes, understanding the factors that contribute to the end of a marriage can help to both minimize the risk and prepare for a possible divorce.

Political disagreements ending many relationships in the US

Political conversations seem to be center stage at many family dinner tables since President Trump has been elected. Unfortunately, some of those conversations are taking their toll on marriages in Minnesota and across the country. Many couples are even separating over political differences.

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