Anoka Divorce Law Blog

A prenuptial agreement is an important but sometimes unsavory topic for couples in Minnesota. This is especially true when there is considerable family wealth at stake. While everyone hopes a marriage lasts forever, the fact that almost half of all marriages end in divorce cannot be ignored. High-asset divorces can be costly and financially devastating. However, a prenup can prevent many of these costs and losses.

In wealthy families, the parents are often more concerned with prenuptial agreements than their children are. If a child has not been educated well about finances, the family's wealth or the importance of a prenup, they may avoid having this conversation with their partner. Parents might then try to force the issue, which could make the potential spouse feel targeted or threatened. Some experts suggest that parents avoid these problems by having the prenup conversation with their children early, before a marriage is even being considered.

It can sometimes be challenging for members of many Minnesota families to spend time together. This is especially true after a divorce or when there are unhealthy family dynamics. While it is very common for parents to sort out issues of co-parenting, custody and visitation in the courtroom, these issues typically involve grandparents much less often. However, grandparents' rights are an emerging and rapidly developing area of the law.

Rules about grandparents' rights vary from state to state. In every jurisdiction, the best interests of the child is the determining factor for custody and visitation. In Minnesota, visitation rights can be granted in certain circumstances such as in the death of a parent. Grandparents' rights often prove invaluable to a child's best interests and ensuring that family relationships are protected.

Minnesota couples considering divorce after the age of 50 might be interested in learning they are part of a growing trend. Divorce rates in this age bracket have doubled in recent years and spawned the term "gray divorce." Older couples suffering financial losses during a divorce have less time to recoup those losses than younger individuals. Unfortunately, statistics show that many spouses still allow their partners to make most major financial decisions. This can cause surprises and long-term money problems after a marriage ends.

A recent survey targeted 600 widowed and divorced women over 50 and 1,500 couples in the same age bracket. In couples, 56 percent of women admitted to trusting their spouse with most financial decisions. Of the divorced and widowed women, 59 percent expressed regret for not taking a greater role in their previous marital finances. Nearly 60 percent of divorced women said they were greeted with unknown information during the course of their marital split. Not all surprises were negative as some women discovered retirement and other investment plans about which they had been unaware.

Divorce statistics remain high across the nation and Minnesota is no exception. In some families a pattern of dealing emerges in which one spouse primarily handles finances. There is nothing wrong with having a designated family bookkeeper, but if one spouse remains in the dark regarding financial matters, it can put him or her at a disadvantage if a marital breakup takes place. There are a few simple steps that can help anyone protect themselves and their finances in the event of divorce.

While not applicable to every couple, a first step for some is removing the imbalance regarding knowledge of family assets and money management. Understanding where money comes from and is spent is part of a healthy family dynamic, and is critical in the event of divorce. Another important step if to maintain an individual bank account. This makes it easier to save and access funds that may be needed for emergency living expenses and legal fees in the event of separation and acrimony. Keeping track of marital debt is also important. Getting a copy of both spouse's credit report before filing for divorce can help identify debt and sometimes reveals unknown charge accounts. Prior to filing for divorce, joint debt should be paid down as much as possible and joint credit accounts closed.