For people in Minnesota, retirement funds may be among the largest assets that they have. This means that they are also some of the most substantial marital assets dealt with during property division in a divorce. In most cases, retirement accounts are considered marital assets. Of course, the amount of those funds that are considered part of the marital estate depends on the length of the marriage and how long the retirement plan has been in existence. For people married for many years before they started their retirement plan, the entire fund may be divided between the couple. People in shorter marriages may divide only the growth of the fund during the marriage, depending on their circumstances.
Some Minnesota residents may find it helpful to hire a divorce financial specialist alongside an attorney and other professionals when they are going through a divorce. Even if the person already has a financial adviser, a divorce financial specialist can provide advice based on the specifics of the situation with an eye toward the division of property and how this will affect the person's finances after the divorce.
A full understanding of finances is important for people in Minnesota who are considering divorce. They should understand both current family finances and what their budget will look like after the divorce. This involves gathering information about income, creating a lifestyle analysis and drawing up a statement of net worth before submitting financial information to the court.
The legal aspects of a divorce in Minnesota can take up a lot of time, and much of this time can conflict with a work schedule. Court dates often interfere with important meetings, and official documents from the court may interrupt important activities at the office. While all of these conflicts can appear to be very difficult, there are several ways to carefully balance divorce proceedings and work.
Minnesota residents going through the divorce process are starting to see the role that cryptocurrencies play. Cryptocurrencies are virtual currencies that were introduced in 2009 with Bitcoin. The currency itself lives online and is traded on a blockchain. A blockchain is an encrypted ledger designed to detail different transactions.
In light of the modernization of the ways in which people share information about their lives and changing states of mind, divorce attorneys are now introducing social media posts, direct messages and photos as evidence in court. Approximately 81 percent of divorce attorneys discover evidence on social media that they deem to be worth presenting in court. Facebook is utilized as a principle source of evidence in approximately 66 percent of divorce cases. Online affairs are precipitating factors in one-third of all legal action in divorces.
Not many high-net-worth couples in Minnesota or elsewhere in the United States have the kind of assets Amazon founder Jeff Bezos and his wife of 25 years have. Even so, couples with sizeable assets may be able to learn a lesson from the way Mr. Bezos and his wife have handled their divorce so far as they work on their own post-marriage game plan. The couple jointly announced the split and stated a desired to a enjoy a "wonderful shared new life" together.
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.