Minnesota residents who get a divorce should be aware that the process can have a negative impact on their finances. Individuals who have been divorced have a higher chance of depleting their assets during retirement than people who have not been divorced. According to a study conducted by the Center for Retirement Research, households that have not undergone a divorce have a net financial wealth 30 percent higher than similar households that have been through a divorce.
A gray divorce is one that occurs when a person is 50 or older. The rate of gray divorce in St. Louis and throughout the country is increasing even as divorce rates among other age groups is stabilizing. However, there are many different reasons that could explain this phenomenon. First, the number of people who are 50 and older is larger now than it was in 1990, and that number is projected to grow in the future.
The child support paid out to single parents may not be sufficient depending on the audience questioned. The U.S. Census Bureau provided a snapshot of child support statistics in a report called "Custodial Mothers and Fathers and Their Child Support." Single parents in Missouri may be divided on the fairness of child support payments required of them.
When Missouri parents divorce, figuring out a parenting plan can be both emotionally painful and logistically difficult. Each parent is often accustomed to having as much time as possible with their children, and when the marriage comes to an end, it can be complex to schedule a plan in which time with the children is shared between the parents' homes. Creating a child custody or visitation schedule can be further complicated by parents' work schedules, especially when both are engaged in full-time employment.
Fighting over housework could be the trigger for a divorce for some Missouri couples. Harvard Business School did a study that found that a quarter of divorced couples said housework disagreements were the main reason they split up. The study also found that if couples hired a cleaning service, they were more likely to stay together.
Among the most valuable assets that a Missouri couple may share are their retirement funds. In many cases, both parties are depending on these funds for their financial futures. This is one major reason why 62 percent of divorce attorneys surveyed in 2016 said that retirement accounts were the most contentious issue for their clients.