Most people have some idea their partner is about to file for divorce, and spouses in Minnesota usually don’t seek an end to their marriage without making some plans. If it seems like a possibility, there are ways to prepare financially for the end of a marriage. These steps can minimize fights over property division later on, speed up negotiations and reduce tensions at a time when emotions are clouding judgement.
Complete documentation of all the couple’s assets and debts is a requirement for fair property division. It is possible to get these documents after divorce has been filed for, but it may take emotional arguments and litigation to do so. A much better idea is to review a checklist of documents, such as the one put out by the Institute of Divorce Financial Analysts. In a high-asset divorce involving businesses or real estate, it may make sense to contact an attorney for assistance with this step.
Creating a budget for the past and projected years is good advice even without a divorce on the horizon. In case of a split, an understanding of the household expenses and income can help dispute or validate spousal support claims. Budgeting can also bring transparency to property division.
Many times, a spouse will turn to friends and family for advice on how to approach the end of a marriage. While potentially helpful with emotional concerns, it can be detrimental to rely on others for financial advice before or during a divorce. The information may be outdated, incorrect or not applicable to Minnesota law. Legal counsel may be able to help answer questions, review documents and recommend the best course of action for spouses who want to plan ahead and protect their financial stability in the years after divorce.