Minnesota couples who are getting a divorce may need to split up their car insurance as well. Usually, this involves one person having to purchase a new policy. That person will also need to be removed from the old policy, but this should not be done until the new policy is in place.
The largest asset owned by a married couple is usually their home. Therefore, it's generally the most contested asset in the event of a divorce. Couples going through a divorce in Minnesota should avoid acting out of emotion when dealing with the family home during the property division process.
Minnesota couples who are getting a divorce might need a document known as a Qualified Domestic Relations Order if they are dividing a retirement account. A retirement account is generally divided equitably, but this may not be 50/50. A judge may decide that a different type of division is more equitable.
When a Minnesota couple goes through a divorce, one of the most difficult decisions that they often must make is what to do with their home. Divorcing homeowners usually have a few options in this regard, but some may not always be feasible. They may choose to sell their home and split the profits, buy their ex-spouse out, be bought out by their ex-spouse or retain joint ownership of the home.
Some Minnesota residents who are getting a divorce may face particular challenges if they have not traditionally been very involved in the family finances. They might find out that the family is not as well off as they thought, or they may simply lack the skills to untangle the financial situation and make the best decisions moving ahead.
Overall, the divorce rate in Minnesota and around the country is either stabilizing or falling depending on the source. However, a study from Bowling Green found that the divorce rate among those at or over the age of 50 has actually doubled from 1990 to 2014. Reasons for this may include financial issues, petty arguments that get burdensome over time and general boredom. This may have an impact on the banking industry as a product called a divorce mortgage is being considered.
Divorcing may end a marriage, but it does not end shared financial obligations such as home ownership. Minnesota homeowners who are divorcing will need to figure out how to divide that asset. In some cases, people may feel too battered by the process to fight over the home and will want to relinquish it to their ex. Some couples decide to remain in the home and pay off the mortgage despite ending their marriage.
Those divorcing under the laws of the state of Minnesota should be aware that the state is not a community property state. Instead divorcing spouses split their assets according to the doctrine of equitable distribution.
Prior to the women's liberation movement of the 1960s and 1970s, many U.S. women fulfilled the roles of homemakers and stay-at-home moms. Today, the U.S. Department of Labor reports that more than 57 percent of women age 16 and older work outside the home and a record number report earning more than a spouse or being the sole breadwinners in their households.
Most Minnesota residents would likely count a family home among their most valuable assets. It's no wonder then that, in cases where an individual is going through a divorce, questions related to a previously shared home and the division of real estate often weigh heavily on one's mind.