Woodbury Family Law Blog

Many couples in Minnesota opted to avoid a prenuptial agreement prior to walking down the aisle. Now, some are having second thoughts about this decision because it appears they may be headed for a divorce down the road. The good news? It is not too late to create this type of marital contract after the marriage. Postnuptial agreements are essentially prenups that are executed after the wedding day. 

A postnuptial agreement can address how the parties will divide their assets in the event that they get divorced in the future. This is an especially helpful agreement for those who have accumulated significant assets after tying the knot. For instance, perhaps an inventor's creation becomes increasingly popular, or a writer's novel becomes a bestseller. If these individuals increase their net worth rather quickly, a postnuptial agreement may come in handy for protecting their assets from their spouses as much as possible if divorce is inevitable in the future.

The rate of marital dissolution has dropped from around 50% around 40 years ago to about 39% now. However, divorce in Minnesota can still easily happen today if two spouses have irreconcilable differences. Unfortunately, divorce can be devastating from not only an emotional standpoint but also a financial one. Here is a rundown on what individuals who are going through divorce can do protect themselves financially in the years ahead.

First, it may behoove those going through marital dissolutions to consult financial planners early on. These professionals can assist divorcing spouses in understanding how much they own versus how much they owe. This is especially the case for spouses who were not active in overseeing their family finances, including paying bills, managing budgets, and contributing to investment or retirement accounts.

Ending a marriage can be complicated from both a logistical and a financial standpoint. However, the emotional aspect of divorce can also be hard to deal with. Fortunately, a few tips may help those divorcing in Minnesota to tackle the emotional aspect of a marital breakup with confidence.

First, people who are getting divorced ideally need to accept their reality -- that their marriages are coming to an end. Once they do this, they can more easily move forward with dealing with divorce matters like property distribution. Second, speaking with life coaches or therapists may help to process divorce-sparked feelings and address them in a healthy manner.

The divorce process in Minnesota can be especially difficult for the parents of young children to navigate. This is true even if they agree to share custody of the children, as child custody conflicts could easily erupt at any time going forward. However, a couple of tips may help parents to make their joint custody situation as painless as possible.

First, it is critical that both parents are respectful of each other. This includes not speaking negatively about each other to their children. Instead, both parties would benefit from attempting to navigate the co-parenting process in a manner that is as low conflict as possible.