Minnesota residents contemplating a divorce would do well to consider avoiding mistakes that could have a negative impact on their financial situation after the divorce. For example, an individual going through a divorce may feel tempted to share a lot of information about the divorce or about their soon to be ex on social media. Doing this can harm the divorce negotiations.
Some have opted to impose a social media embargo as they are going through their divorce negotiations. There have been instances where one divorcing individual claims that they cannot afford to pay a settlement that is being negotiated. Then they go on lavish vacations or boast on social media about bonuses they are getting at work. All of this information will serve as fodder for the other side.
Another mistake that individuals thinking about divorce may make is not getting the documentation they need. The divorce process may take months or years. Certain documents may not become relevant until the couple is deep into the divorce. At that point, the soon to be ex-spouse may be reluctant to relinquish documents that could aid the individual they are divorcing.
While the opportunity exists to do it, it’s recommended that divorcing spouses get account balances, account numbers, Social Security statements, receipts, etc. Those documents are important not only during the divorce process, but they help during the settlement and are going to be required in the future when looking at retirement and tax planning.
Finally, if there are joint credit card accounts open, these need to be closed or one individual needs to be taken off of them. In a divorce negotiation, one spouse may agree to take responsibility for the debt. However, creditors don’t care about divorce agreements. The contract a couple has with them was made before the divorce.
A divorcing individual may talk to a family law attorney as they are going through the divorce process. This attorney might help by providing the client with information on the valuation of property, dividing financial accounts and negotiating divorce settlements.