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Divorce Archives

Study finds shift in reasons for divorce

Some people might assume that couples in Minnesota and around the country divorce for reasons such as infidelity or substance abuse, but a study that appeared in the Journal of Sex & Marital Therapy suggests that this is not the case. More than 2,300 people participated in the study, which found that reasons related to emotional fulfillment were the main ones.

Prenuptial agreements are critical when a business is at stake

For people in Minnesota planning a wedding, there are aspects that might not be joyous and can spur outright disagreement. One such issue is a prenuptial agreement. However, as hard as it can be to ask a future husband or wife to sign such a document, those who own certain assets must protect themselves. This is especially true if one spouse owns a business.

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.

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