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Posts tagged "Divorce"

College savings? Is there a 529 plan in your divorce agreement?

Saving for your child's education is a daunting prospect for any parent. For a divorced parent, it may be even more complex as you struggle to balance the martial income across two households. Divorce will also affect your child's prospect for financial aid, and this adds another layer to the complexity of your child's choice of school.

What do you need to make the decision?

Divorce is a very personal act. It is, however, embedded in the very public institution of the courts, and so there are many reasons why some people who are unhappily married remain that way. They fear the embarrassment. They may feel the personal pain of having been betrayed by the person they loved and the prospect of making that public in a divorce proceeding may be overwhelming. They may think it is better for their children.

What your divorce does not do

When you end your marriage, you typically want to have nothing more to do with your former spouse. Unless, of course, you have children, and then you custody agreement and eventual parenting plan will describe your relationship with your child or children's other parent.

Are you certain you really want a divorce?

The courts are not like other places you may go. When you file a divorce case in a Minnesota family court, you become subject to the jurisdiction of that court and the authority it is granted by the state Constitution. And while Minnesota family court is empowered to dissolve your marriage, it must follow the rules set up by the legislature and the state Supreme Court.

Financial concerns during a divorce

One of the most important parts of a divorce proceeding is the distribution of marital assets between the two spouses. This is important for a couple of reasons. It sets up your finances for your post-marriage life and will become your new economic footing. The process may be relatively straightforward or it can be very complex, depending on your financial status immediately prior to your divorce.

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