Last time, our blog examined why it's so important to consider making a prenuptial agreement part of your wedding day planning. Specifically, we discussed the myriad advantages of engaged couples executing what amounts to a binding legal contract setting forth their rights and expectations regarding the classification/division of property, and/or spousal support in the event of a divorce.
When a person is in the middle of divorce proceedings, they may find themselves coping with a wide range of emotions that are far from pleasant. Indeed, many people can experience everything from anger and anxiety to sadness and even relief all in the span of a single settlement discussion.
There is no doubt that people take decidedly different approaches when it comes to making the tough decision of when to initiate divorce proceedings. For some, the decision is made as soon as they discover evidence of infidelity or have one fight too many, while for others, the decision is postponed until school is out for the summer or the holiday season has passed.
There is no question of just how valuable a prenuptial agreement can prove to be in the event a couple decides to divorce. That's because this binding contract, executed by a couple beforethey tie the knot, establishes certain rights and expectations as to how their property will be classified and divided in the event of a split.
Many people are familiar with at least one vital statistic concerning divorce here in the U.S.: Almost half of all marriages will end in a split. While this number is still somewhat shocking despite the passage of time, it is important to note that the divorce process has evolved over the years such that it isn't necessarily as difficult as it once was.
For many Baby Boomer parents, there is no greater moment than helping the last of their children carry their belongings into their first-year dorm for the start of their college career. At this time, they will likely experience a sense of pride in knowing that all of their children are on their way to bright futures, as well as a sense of excitement in knowing that they will finally have an empty nest.
When people hear the phrase "alimony," it is not uncommon for them to associate the term with divorced women. In fact, many people often believe that alimony is generally only given to women following divorces. However, this is simply not the case in jurisdictions like Minnesota.