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Divorce Archives

Restrictions spouses may face when getting a divorce

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.

More Americans over 50 choose to divorce

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.

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.

Bird nesting is latest divorce trend

When Minnesota couples divorce, one of the biggest decisions they face is where to live once the split is finalized, particularly when they have children. One new trend is called bird nesting, and it's currently featured on a new television show.

Older divorcees have greater risk in divorce

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.

Mediation for divorce

For many Minnesota couples going through divorce, mediation will be more advantageous than the conventional litigation process. Divorce mediations typically take less time, cost less and result in terms that both parties are generally happy with.

Planning for exit can help divorce finances

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.

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