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Divorce Archives

Post divorce finacial health comes with planning

For Minnesota spouses headed toward divorce, the final court date in which everyone signs the dotted line can seem like the long-awaited end of a marathon. While the finalization of terms is an important milestone, there will still be work to complete in order to actually get across the divorce finish line.

Revenge is not a good reason to divorce

Minnesota couples get divorced for many reasons. Sometimes, they fall out of love with each other and decide to part ways amicably. Other times, they argue over finances, especially if one spouse spends beyond the couple's income, or the spouse has an affair. In contentious marriages, the hurt spouse may want to get even or get revenge when filing for a divorce.

Spousal support payments to be impacted by tax law changes

When Minnesota couples decide to divorce, some of the most contentious issues on the table can be the financial matters. Alimony payments have been a particular source of conflict, often leading to extensive negotiations or ongoing court filings. The recently passed Tax Cuts and Jobs Act could have a major impact on how spousal support will be handled in divorces to come.

Popular myths about marriage

Certain myths about marriage can be dangerous to couples in Minnesota if they believe them. For example, couples may believe that their marriage is in trouble if they have arguments, but according to the marriage counselor and researcher John Gottman, this is not the case. In fact, Gottman says that active listening, which involves couples using "I-statements" to talk about their feelings, does not work based on evidence.

How to deal with a a business in divorce

Some Minnesota couples may have gotten married and then started a business together. When the marriage ends, the business may not necessarily do so. Those who choose to work together after getting divorced need to take steps to separate business and personal issues. Otherwise, a personal disagreement could take a toll on the company.

Deciding who gets artwork when a marriage ends

In a divorce, artwork is eligible to be divided just like a car, kitchenware or any other asset may be. However, there may be questions as to how art should be divided in a Minnesota divorce case. First, it must be determined whether the asset was acquired during the marriage or if it is property of one individual. This may be determined by who put up the money to buy a piece or a collection.

Number of new divorce filings is highest in January

While the highest number of divorces become final in March and August, new divorce filings spike right after the first of the year. The reason for this trend appears simple: Spouses who are discussing a split may often delay starting the proceedings until after New Year's Day. However, this strategy, which would allow couples with children to spend a final holiday season together as a family, may not be the only reason that some spouses in Minnesota and other states begin taking steps to formalize their divorce plans right after the new year rings in.

Divorce and credit

Minnesota couples may find that getting a divorce can be a complicated and emotionally difficult time. They should know that the impact it can have on their credit can make the process even worse. Refinancing the family home may be necessary if one party has been granted sole ownership. Mortgage lenders will examine credit histories when refinancing loans, and the person whose name will be on the deed may incur substantial new debt that may difficult to handle for one person.

Financial planning is an important part of divorce

Married people in Minnesota may wish to avoid thinking about the idea of divorce or widowhood, even when it comes to financial planning. However, making a plan for these occasions can be extremely important for anyone's financial health as a lack of planning can leave people at risk of a real financial crisis with the loss of a partner or the end of a marriage. Nevertheless, the lack of planning is widespread; according to a study, 65 percent of married Americans don't have a plan for their finances in case of divorce or the death of their partner.

Divorce and Social Security benefits

Minnesota couples who get a divorce may discover that the process can have a significant effect on their finances, including any Social Security benefits they may receive. It is important to understand the policies the Social Security Administration has in place for divorced partners and spousal benefits.

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