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.
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.
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.
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.
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.
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.
A spouse who files for divorce may want to take the proper steps to ensure that legal documents are drawn up quickly. Prior to receiving a divorce decree, both parties must make various arrangements to divide their assets and make plans for future finances. The issue is more important if child support is a concern.
In some Minnesota divorces, spousal support may be an issue. Spousal support, which is commonly called alimony, consists of monthly support payments that are made by a higher-earning spouse to a lower-earning spouse for a period of time after a divorce. It is not ordered in every case.
People in Minnesota who decide to divorce may find themselves emailing back and forth with their lawyers and discussing the breakup of their marriages using their smartphones, email accounts and other digital devices. Just like with other key events in people's lives, a divorce often sparks a great deal of electronic communication. In addition, it may inspire people to make some changes to their accounts and devices in order to protect their privacy and prepare for the single life to come.
As divorced couples in Minnesota may have experienced firsthand, the process of dividing assets is a difficult one that tends to be contentious. The appearance of cryptocurrencies on the financial scene has only made the whole process all the more difficult, especially since many family law lawyers have little experience with this digital asset.