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Divorce Archives

Weddings causing debt often lead to divorce

A recent survey from a major insurance company found that about 45% of couples fall into debt to cover wedding costs. It also found that about half of the studied couples, who were aged 18 to 53, considered getting a divorce because of this debt. Research showed that money was a major source of stress in these relationships. Couples in Minnesota who pay for a wedding on credit cards or other borrowed money can expect the issue to be a possible source of conflict during the marriage.

Why everyone should consider a prenuptial agreement

While many couples who create prenuptial agreements have wealth, anyone can benefit from such an arrangement. In many cases, it can help Minnesota residents keep the cost of their divorce to a minimum, and this is important because the divorce itself can cost more than a wedding. Divorces tend to be expensive because people often act in an emotional as opposed to a logical manner. They may be willing to spend time and money squabbling over minor household possessions.

Student loans during a divorce: Separate or joint?

Student loan debt is a significant financial issue for many people in Minnesota, one reason why it has become a major part of the national political debates. When people decide to divorce, they may face additional financial stress, especially as these effects of the end of a marriage may resonate long after the emotional matters have been handled. People struggling with loan debt may wonder how a divorce might affect their obligations to pay their student loans.

Dealing with student loan debt during a divorce

Student loans are a major burden for many people in Minnesota, especially as the cost of attending university has gone up dramatically across the country. With student loans forming such a significant portion of many people's debt, they may wonder how their loans will be affected if they divorce. Property division can be a complex process, and the financial impact of a divorce can remain even after the practical and emotional issues of the split have been handled.

Planning for retirement after "gray divorce"

An increasing number of Americans in Minnesota and across the country are choosing to divorce at an older age. Often called "gray divorce," more people are divorcing over the age of 50 than at any time in the past. These divorces come with unique challenges, especially when they reflect the end of long marriages stretching over decades rather than shorter second or third marriages. In particular, people may be very concerned about how divorce will affect their retirement plans, given the limited amount of time remaining to compensate for the changes that can come with a financial divorce settlement.

Fewer Americans getting divorced

Most married couples in Minnesota expect their nuptials to last for life. However, there are situations when divorce is probably the best option. Curiously, while Americans are generally accepting of the necessity of divorce and supportive of divorced people, divorce rates have largely decreased over the past few years.

How divorce affects Social Security benefits

For individuals in Minnesota eligible for Social Security, untying the knot doesn't necessarily mean no longer being able to collect on a spouse's record. If a marriage has lasted for 10 years or more and the former spouse is 62 or older and unmarried, they may be entitled to as much as half of an ex's full retirement amount or disability benefit. The other spouse's eligible payouts must also be higher than what the spouse seeking benefits is entitled to receive themselves.

Changing gender roles and divorce

Some men expect to be the financial providers for their families. Therefore, when they make less than their wives, there may be trouble ahead for their relationships. Studies show that this is often true for married couples in Minnesota and throughout the U.S. In some cases, husbands who are not the breadwinners feel as if their wives have more control than they do. A perceived lack of control may be a blow to their egos.

How divorce can affect insurance covrage

Some divorcing couples in Minnesota have to-do lists that include such things as sorting out marital assets and handling any custody issues that may be part of the divorce process. During this stressful time, it's easy to overlook other matters, such as insurance coverage for the family. However, it's still important for separating spouses to be aware of how a change in marital status can affect insurance arrangements.

How to manage credit when a marriage ends

Getting a divorce will not automatically impact a person's credit score, and an individual's gender will not necessarily affect his or her credit score. However, there are ways in which divorce can negatively impact how lenders view a Minnesota resident. In some cases, one party will experience greater credit consequences than the other. When a couple is married, they will likely open joint accounts, such as a mortgage or an auto loan, that will appear on both of their credit reports.

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