Kniess Law, LLC

Posts tagged "Divorce"

Gray divorce can have impact on retirement savings

Ending a marriage can have major financial impacts for people of any age in Minnesota. However, these impacts may be even more pronounced for those getting a gray divorce, or a divorce in their 50s or later. When a divorce happens later in life, it does not leave much time to recover financially from the process before one's retirement years.

Alternative dispute resolution may make divorce easier

When two people in Minnesota decide to get divorced, they may be worried about how they will handle issues like alimony and property division. If they have young children, child support and child custody may also be of concern. However, it is possible for people who are going through divorce to resolve these and other family law issues without having to go through the costly and time-consuming litigation process.

Managing a divorce does not have to be complicated

When people choose to end their marriage, they may feel relief about gaining control of their futures. At the same time, they may feel overwhelmed, as divorce can be time-consuming and complicated. Fortunately, a couple of steps may help to make the divorce process easier to manage in Minnesota.

Divorce prep process includes investigating financial situation

Dealing with the breakup of a marriage in Minnesota can be overwhelming on many levels. For instance, along with worrying about how the divorce will impact the family, an individual might be concerned about how it will affect his or her finances. Fortunately, when it comes to the financial aspect of divorce, being prepared can go a long way in helping to mitigate the negative impacts of a divorce.

Emotional challenges a main driver of divorce

A wide range of issues can lead to the dissolution of marriage in Minnesota, ranging from financial disagreements to infidelity. However, according to research, lacking emotional fulfillment remains a top reason for divorce. In fact, it appears that violence- and addiction-related divorce motives have declined with time, whereas psychological and emotional divorce motives have surged.

Certain steps may help with reducing conflict during divorce

Ending a marriage in Minnesota can pose a number of challenges for those involved. Divorce can be an emotional roller-coaster ride, on top of being a confusing process to navigate. It is not uncommon to experience high levels of conflict when addressing issues like asset distribution and alimony. However, it's possible to make a divorce as stress-free as possible by following a couple of important suggestions.

Divorce not as common among millennials

According to research, millennials in Minnesota and other states are not divorcing as much as the previous generation did. This generation, consisting of people ages 22 to 37, has sparked a 24% reduction in rates of divorce since the early 1980s. Experts anticipate that this will keep happening over the course of the next few decades.

Splitting retirement savings can be complicated during divorce

When you decide to dissolve your marital union, one of your chief concerns may be how to go about dividing your assets. Specifically, you may be worried about how to split your retirement savings, particularly if this is one of your biggest assets. Here is a look at how retirement assets are divided during the property division process in a Minnesota divorce proceeding.

Divorce impacts health, life insurance

Ending a marriage can be complex, as the process has not only emotional but also financial implications. In light of this, it is easy to forget to tackle some pretty basic items, such as health and life insurance. Nevertheless, being prepared for how these types of insurances will change following one's divorce in Minnesota is critical.

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