House republicans have proposed a change to the current spousal support (alimony) laws that affect divorces all over the country. The change would take away the ability for the payee to have the alimony amount deducted from his/her taxes. In addition the recipient would no longer be able to have alimony count as taxable income.
Although you know divorce significantly impacts various aspects of your life, you may not be considering how it will affect your credit score. On the one hand, getting divorced does not directly reduce your credit score because your creditworthiness is not related to your marital status.
The rate of people divorcing over age 50, known as gray divorce, is increasing. This increase may not surprise you, but what may surprise you are the problems that this presents. People who are older usually have more assets to consider during the asset division of the divorce.
For Minnesotans going through a divorce, it will inevitably be a difficult time, with many factors coming to the forefront as they try to adapt. One issue that is worrisome for women is the way their budgets will change after the case is complete. This must be considered during the process so it is addressed and there is preparation for the future.
When Minnesota couples marry, they tend not to consider the possibility of the union ending in divorce. Yet, no matter the length of the marriage, if it is clear that a marriage is no longer working, divorce is likely the best option to take if the relationship is unsalvageable. While this means taking the time to consider any and all divorce issues, one thing tends to stand out for most spouses: finances. Ensuring that one's post-divorce finances are in check is essential when moving forward with dissolution, which is why some spouses request alimony during the divorce process.
The end of a marriage can be a rough time for any couple. This can be especially true for wealthy couples A high asset divorce often means taking the time to assess all personal and marital assets and property. This can be a complex process, and if a prenuptial or postnuptial agreement is not in place, it could be a lengthy property division procedure as many couples dispute over who gets what.
Divorce can cause many concerns. One major apprehension is how an individual will be able to transition from his or her married life to a single life. This is not only an emotional and social challenge, but it can also be a financial hardship. If one spouse did not work during the marriage because they acted as the primary caregiver for the couple's child, or they earned less than the other spouse, it is likely that they will seek spousal support. Alimony can be a very beneficial resource, helping the recipient meet his or her financial needs post-divorce.
For Minnesota residents who are about to enter into a divorce, there are many questions that may weigh heavy on their minds. For some, it is important that they obtain spousal support, so that they can continue to enjoy the same quality of life they were accustomed to before giving up a career to raise the family. For others, it may be important to ensure that child custody cases play out a certain way so that the best interests of the child are protected.
Minnesota residents may remember a recent blog in which the ways prenuptial agreements can help were discussed. However, as with anything in life, nothing is ever truly all positive. Prenuptial agreements, like anything else, can have their downsides. Of course, there are many ways in which prenuptial agreements can offer valuable protections for soon to be married couples who want to protect their assets. But sometimes, couples may want to look at the potential cons before signing an agreement.
Divorce involves many different elements and every divorce case is different. Minnesota residents who are going through a divorce have a lot to think about. After all, life before and after divorce can look very different. Sometimes, it can be an adjustment returning to life as a single person. Plus, there are many other day-to-day changes that can take a while to get used to.