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Posts tagged "Divorce"

Postnuptial agreement offers protection during divorce

Many couples in Minnesota opted to avoid a prenuptial agreement prior to walking down the aisle. Now, some are having second thoughts about this decision because it appears they may be headed for a divorce down the road. The good news? It is not too late to create this type of marital contract after the marriage. Postnuptial agreements are essentially prenups that are executed after the wedding day. 

Divorce has an impact on 401(k) savings

Along with being emotionally challenging, the dissolution of a marriage can present financial hurdles. For this reason, individuals in Minnesota may worry about how the divorce process will impact their retirement funds and thus their ability to retire. Let's take a look at how divorce impacts 401(k) savings.

Financial planning is an important part of divorce planning

The rate of marital dissolution has dropped from around 50% around 40 years ago to about 39% now. However, divorce in Minnesota can still easily happen today if two spouses have irreconcilable differences. Unfortunately, divorce can be devastating from not only an emotional standpoint but also a financial one. Here is a rundown on what individuals who are going through divorce can do protect themselves financially in the years ahead.

Divorce affects Social Security benefit amount

Going through a marital dissolution can financially affect an individual whether he or she was married five years or 50 years. However, getting a divorce closer to one's golden years can especially be challenging in Minnesota. The good news is that Social Security benefits are available for divorced individuals to claim based on their ex-spouses' employment records, and their exes will not be impacted by the benefits they claim.

Emotional aspect of divorce important to address

Ending a marriage can be complicated from both a logistical and a financial standpoint. However, the emotional aspect of divorce can also be hard to deal with. Fortunately, a few tips may help those divorcing in Minnesota to tackle the emotional aspect of a marital breakup with confidence.

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.

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