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Divorce Archives

Post-divorce life may require new financial pros

For some Minnesota couples, marital arrangements include situations where one spouse is dependent on the other one for financial decisions. Should a marriage come to an end, a dependent former spouse may opt to continue to rely on the same set of professionals that advised their ex. The justification for doing so may be to ease the transition process. However, it can be difficult for newly-single adults to make a clean break while still working with a team they may not have selected or even dealt with personally.

Disparate Levels of Attractiveness Can Spell Marriage Disaster

Like in other parts of the country, marriage in Minnesota is meant to be a lasting and legal bond shared by two people in love. Unfortunately, love and marriage are seldom easy, and in many cases, unforeseen complications can arise that make divorce more likely. For example, Fatherly points out that research has been done into the subject of attractiveness and marriage success. This research suggests that marriages involving men marrying women who are significantly more attractive may result in divorce at a rate higher than the average.

Planning for divorce amid tax law changes

For many people in Minnesota, news of the tax changes to come with the new year in 2019 led them to speed up their divorce agreements in order to finalize by the end of 2018. As part of the Tax Cuts and Jobs Act passed in late 2017, alimony tax rules that have been in place for decades will be dramatically altered as of Jan. 1, 2019. While the tax treatment of couples who are already divorced will remain the same, people who divorce moving forward will need to reach a settlement under the new tax laws.

Common financial mistakes in divorce can be avoided

When people in Minnesota get a divorce, they may be prone to making a number of financial mistakes. Some of those errors could happen because of a lack of familiarity with tax law. For example, they may try to liquidate some assets to pay debts, but there could be a significant tax attached to that liquidation.

Prenup myths and the truth about pre-marriage agreements

Couples planning to walk down the aisle in Minnesota often have visions of spending a lifetime together. Unfortunately, this isn't always the reality with marriages today, which is why it can be a smart idea for two people planning to legally wed to consider a prenuptial agreement beforehand. Yet some couples avoid discussing a prenup because of lingering misconceptions, such as the belief that such a document is only necessary if one spouse has significant wealth they want to protect. In reality, a prenup can cover all types of marital assets, so disputes can be avoided later.

Personality traits can be predictive of divorce

Most Minnesota couples enter into marriage with optimism about its long-term success but are likely mindful of the conventional wisdom that about one half of all unions ultimately fail. The desire to succeed may not in and of itself be a difference maker, but an awareness of specific personality traits, which may point to a greater probability of a split if left unchecked, could be useful in tilting the odds in favor of longevity.

The new tax laws make divorce even more costly

It may seem counter-intuitive to suggest to a Minnesota couple to plan their divorce, yet like other significant financial events during one's life, understanding the realities and preparation make the split easier for all concerned. The economic burden of establishing two separate households cannot be ignored, and the Trump administration's Tax Cut and Jobs Act passed in 2017 has provisions affecting divorced couples beginning this year.

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."

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