No two divorces are the same. Thus, no two divorces should be treated the same. Nonetheless, there are common divorce issues that should be noted, as well as frequently used mechanisms to resolve them. Keeping these tips in mind could help some Minnesota couples address problems in the dissolution process. Obstacles divorcing couples often face relate to the property division phase. This is one of the most contentious issues in a divorce because spouses cannot fully agree on who gets what and what is rightfully considered separate property.
Divorce is sometimes not an easy process to go through for couples in Minnesota and elsewhere. It can be very emotional, difficult and, in some cases, very complex. In a high asset or wealthy divorce, divorcing couples might dispute who gets what. Property division is often one of the most contentious issues during dissolution. Spouses often need assistance with resolving these problems and moving forward with the process.
Much like the thought that goes into marital preparations, many go into ending a Minnesota marriage. Whether a marriage lasted several decades or only a few years, it is likely that many things were brought into the marriage as accumulated during the union. This can complicate the process because it can be difficult to determine what belongs to which spouse and who is entitled to what.
A previous post discussed how Minnesota courts divide marital property when a couple goes through a divorce. In general, marital property is any property obtained during the marriage by either spouse or both spouses. Minnesota courts divide this property on an equitable basis, and the previous post looked at the factors courts consider when doing so.
Going through a divorce is usually difficult. Going through a divorce when your spouse is also your business partner is usually even more difficult. Any time assets are shared by a couple, they will have to be considered and probably divided if the couple decides to dissolve their marriage. This complicates the process and it particularly complicates it when those assets constitute their livelihoods. Fortunately, there are some steps you can take that may prevent a divorce from permanently damaging your business.
Marriage is about a lot more than falling in love. Marriage is also a legal and economic relationship which, among other things, provides spouses with important property rights when they divorce. In Minnesota, a divorcing spouse has the right to an equitable share of the couple's marital property. An unmarried person living with his or her significant other generally has no similar right to property division when the couple breaks up.
Going through a divorce involves many legal aspects. One major issue that comes into play involves the employment and assets of the two people who are getting divorced. In many situations, a person who is divorcing owns a private business, and when that is the case, it is imperative that something called a "double dip" be avoided.
In previous blog posts we have talked about the rise in "gray divorce" -- usually defined as divorces involving partners over the age of 50. A divorce late in life can result in more serious financial issues than a divorce involving younger spouses. When someone is older it's more difficult to recover financially from a divorce and there's less time to do it.
In last week's post, we discussed some U.S. Census data regarding the "gray divorce" trend of recent years. The data confirms that divorce is becoming more common among older couples in the U.S. For Minnesota couples who are divorcing late in life, the end of a marriage raises some special issues.
For most Minnesota couples, getting married is a major decision. While many financial decisions go into planning a wedding and a new future with their significant other, some couples do not include financial protection through a prenuptial agreement in their pre-wedding plans. While a prenup is able to provide financial protection, married couples should understand that it is not an end all if they did not include one in their union.