A recent Huffington Post article outlined the top 11 worst pieces of marriage advice. One piece of advice in particular relates to divorce as well.
That piece of “bad advice” is that “you can always get divorced.”
Minnesota: No-Fault State
Minnesota is a no-fault state, which means neither party needs to have a reason to be divorced, such as:
However, while dissolving the bonds of matrimony may be easy, dividing up debt, property, and determining custody can be very costly and difficult.
In Minnesota, all assets and debts are divided up equitably between the parties. This does not mean equally-but oftentimes a court will take everything that was accumulated during the marriage (“marital” assets and debts) and split them 50/50 between the parties.
What Assets are Divided?
So what does this mean for someone entering into the marriage with the idea that “they can always get divorced?” This means that by getting married all of the following assets will be equitably divided in the divorce proceeding:
- Any income that they generate
- Any mortgage payments made on the home during the marriage (even if they bought the house before the marriage)
- Any credit cards taken out by a spouse during the marriage
- Any growth in retirement accounts
People considering marriage should consider the marriage as a partnership. A business partnership and marriage is a contract. The financial ramifications of a divorce need to be considered, especially if people are unsure whether or not the marriage will last.