You and your spouse have decided to call it quits, and you feel a sense of relief. At the same time, though, you feel anxious about how you will support yourself following the divorce.
In Minnesota and across the country, the divorce rate has become relatively steady for most Americans. However, in one demographic category, it has continued to rise significantly: those at the age of 50 and above. Indeed, between 1990 and 2010, the divorce rate more than doubled among this group, a trend that has continued since that time. This can be a particular concern when it comes to the financial effects of divorce, especially because there is less time to recover from those changes prior to retirement.
Unexpectedly developing a disability can significantly impair a parent's ability to work and pay any required child support. Minnesota parents who are required to pay child support should know that a disability does not end their duty to make child support payments. However, there may be modifications made to their existing payment arrangements that take into account their disability.
During a divorce in Minnesota, spouses may have restrictions put on their assets and finances. This prevents spouses from taking or selling property that may not belong to them once the divorce is finalized. While this can protect both spouses during a potentially difficult time, some of the restrictions can be surprising if individuals are not prepared for them.
When some Minnesota women get a divorce, they might be more likely to be responsible for paying child support or alimony than in the past according to a survey by the American Association of Matrimonial Lawyers. A Pew Research study found that in around 40 percent of families, women are the breadwinners. However, although alimony has been gender neutral since a 1979 Supreme Court ruling, some women are still unprepared for the possibility of having to pay spousal or child support. Furthermore, being the breadwinner does not mean these women are immune from being in abusive relationships.