Unfortunately, divorce is a relatively common occurrence in Minnesota. Nationwide, over 800,000 people end their marriages every year. The desire to exit a relationship might prompt people to focus on the immediate relief of independence, but legal advisers warn that a long-term analysis of finances needs to take place before agreeing to a divorce settlement.
In many cases, financial decisions benefit from legal counsel. Ideally, a person would consult an attorney before moving out of the house or even informing the spouse of the intention to divorce. Furthermore, potential divorcees should also consult financial advisers. They could help people create post-divorce budgets. A financial planner could advise the person about setting up individual accounts and disclosing financial records for court review. Separating the financial lives of the spouses will be essential for the completion of the divorce.
Legal advice could help one understand the obligations to pay child support and spousal support that might arise. The law could view a marriage of over 10 years as a long-term relationship that could trigger legal requirements. If one spouse did not have employment income, spousal support might be ordered. Spousal support of $1,000 a month until retirement age would generate a significant lifetime bill.
When a person wants to know how the law could guide the terms of a divorce, an attorney could provide helpful legal and financial guidance. If a prenuptial agreement exists, an attorney could use it as a framework for negotiations with the former partner. A union that included children will also require the parties to reach an agreement concerning the custody schedule and how the expenses of raising children will be met. An attorney could also inform the client about crucial issues like the division of retirement accounts and possible taxation.