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.
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.
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.
Life throws all kinds of curveballs our way. New opportunities arise, and we want to share those opportunities with our family. For parents who are divorced, taking advantage of prospects out of state can be complicated. Many people in our region move back and forth between Minnesota and Wisconsin, putting both state's laws at play.
In most Minnesota divorces, the family home falls under the category of marital property. This means it is to be equitably divided. There are three main ways this can be handled: