Minnesota residents who own a business and are getting a divorce should expect that the process of dividing their marital estate will be lengthy and complex. There are a number of issues that arise when one of the assets owned by an individual is a privately owned business. It will be necessary to determine exactly how much the business is worth, if the spouse who owns the business is being completely truthful about the business income and if the valuation of the business will be impacted by any support obligations.
More and more people in Minnesota and across the country choose to get divorced at later ages. While the divorce rate for all ages and demographics has remained flat or even declined, the rate among Americans over the age of 50 has doubled in the past two decades. There is a number of attributes that can distinguish these so-called "gray divorces" from their younger counterparts. In general, child support and child custody are not at issue, and many divorces among older people are quieter and more amicable.
When couples seek divorce in Minnesota, many unexpected circumstances could develop. According to a recent survey of more than 1,700 adult women in various stages of the divorce process, financial issues tend to produce a lot surprises. In fact, nearly half of the females surveyed reported experiencing financial problems they didn't anticipate. Among all respondents, women under age 55 reported experiencing more financial surprises.
Some children in Minnesota may feel pressured by their parents to have a future spouse sign a prenuptial agreement. However, this often has little to do with how the parents feel about that spouse and more to do with their concerns over protecting the family wealth.
Despite advances toward equality that women have made in the past century, more than half still leave financial decisions up to their husbands. Unfortunately, many Minnesota wives find out too late that not being involved in family finances is a big mistake. Women who don't know the specifics of their financial state may find some surprises when they get divorced.
For people in Minnesota who decide to divorce, the financial aspects of the end of a marriage can be among the most challenging to resolve. Protecting one's assets is important in order to secure a positive financial future after divorce. There are a few steps that people can keep in mind in order to take financial precautions during this difficult period.