More Minnesotans above the age of 50 are choosing to divorce, a phenomenon that is widely shared across the United States. So-called "gray divorces" involve people over 50 choosing to end their marriages. The term is applied equally to those who are ending multi-decade partnerships and those who are ending shorter, often second or third, marriages.
More Americans over 50 choose to divorce
How can I be certain I'll see my children after the divorce?
As a father, time with your child is precious, and you might feel worried about how your divorce will affect you and your child's relationship. The prospect of missing out on invaluable time with your little one is understandably upsetting and a concern that many Minnesota dads deal with. Child custody plans are integral to ensuring that your child's needs will always be front and center.
Dealing with higher education costs during divorce
Minnesota parents often wonder how they will manage paying for their children's higher education. The costs are already high, and they continue to rise. In fact, the College Board notes that there is an increase of approximately 3 percent in the cost of college attendance each year. On average, the cost for one year of tuition, fees and room and board at a private university is $46,950, while the same annual cost at a public in-state university is $20,770.
Collaborative divorces may lead to more financial stability
Some people in Minnesota who are ending their marriages may want to join a growing trend of couples who are taking a more collaborative approach to divorce. The process can cost upwards of $15,000 and leave one or both people less financially stable, but hiring a financial planner may help. Some financial experts believe this approach benefits the entire family.
The importance of early prenup discussions
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.
The complexities of divorce as a business owner
For people in Minnesota going through a divorce who are also small business owners, the value of the business can be a major issue during property division negotiations. When a couple owns a family business, especially a profitable enterprise, it can be the most valuable asset handled as part of the marital property. In order to properly assess the asset and divide its value, it is critical to first establish a proper valuation for the enterprise.
