Minnesota residents may be surprised to find that people in across the country may be less likely to divorce than in previous decades, although researchers say this figure varies from state to state. According to the National Center for Family and Marriage Research at Bowling Green State University, overall, divorce has hit nearly a 40-year low with 16.9 divorces per 1,000 marriages in 2015. While Hawaii has the lowest divorce rate, Washington D.C. has the highest with nearly 30 divorces per 1,000 marriages.
Divorce rates decline but vary from state to state
Preparing for a healthy divorce process
If you and your spouse have recently decided that divorce is the best way forward, chances are that someone has shared an unsolicited divorce "horror story" with you. While it is true that many divorces end up being financially and emotionally costly, it is important to understand that a truly healthy divorce process is possible.
Student loan debt and divorce
Minnesota couples who are facing the end of their marriages may also wonder whether their student loans debts will be affected by a divorce. A student loan debt taken on prior to marriage belongs to the person who took it out. However, for student loan debts incurred after marriage, the issue becomes more complicated.
Divorce may leave older adults vulnerable at retirement
Minnesota couples may be interested to learn that according to Bowling Green's National Center for Family & Marriage Research, people over the age of 50 were twice as likely to get divorced in 2010 compared to 20 years earlier. While divorce can be financially devastating at any age, one of the main concerns for people in this age group is preserving their retirement.
Preventing asset depletion in a divorce
While some divorces are amicable and people behave in a trustworthy way, some Minnesota residents who are ending their marriage may need to beware of their spouse dissipating assets. This can be a particular problem in relationships where one spouse has worked outside the home and earned all of the income. Asset dissipation is something that can be done easily by those who know that they can simply earn the money back after the divorce, and it can be devastating for those who might depend upon that income to support them after years of caring for a home and children or while they retrain to reenter the job market.
