Navigating a divorce proceeding can understandably be challenging emotionally. However, it can be just as complicated financially, especially if either you or your future ex-spouse will end up having to pay alimony.
Paying or receiving a lump sum of alimony could be worthwhile
Divorce can impact health, especially for seniors
A growing movement toward divorcing later in life may have serious impacts on the health and finances of the people involved. Divorce is one of the most stressful life events a person can go through, and for older people it can increase the risk of depression or other adverse health conditions. People in Minnesota who are approaching or going through divorce should be aware of the impact it can have on their health. Awareness of psychological conditions like depression can be helpful.
About prenuptial agreements
Couples in Minnesota who are planning to get married should seriously consider completing a prenuptial agreement. A prenuptial agreement, or prenup, is a legal document with which individuals can specify how assets are to be allocated if a divorce should take place. While the idea of a prenup may have a stigma attached to it, there are number of reasons couples should discuss and complete the document before they get married.
Divorce more common among older Americans
In Minnesota and across the country, divorce is on the rise among the baby boomer generation. Since 1990, the divorce rate has doubled among Americans age 50 and over. During the same period, the rate has tripled among people 65 years old and above. These statistics are in contrast to the fact that the divorce rate has remained stable or even declined among individuals across all demographic groups. There are a number of factors that contribute to the growing phenomenon that has been termed "gray divorce."
Study shows divorced women accumulate wealth better than singles
Many women in Minnesota involved in a divorce will be faced with the financial issue of obtaining the marital home in the settlement. A new study presents data that is contrary to traditional advice of financial planners and has reopened the hotly debated issue.
