Dealing with the breakup of a marriage in Minnesota can be overwhelming on many levels. For instance, along with worrying about how the divorce will impact the family, an individual might be concerned about how it will affect his or her finances. Fortunately, when it comes to the financial aspect of divorce, being prepared can go a long way in helping to mitigate the negative impacts of a divorce.
An important part of the divorce preparation process is finding out the state of the household’s financial affairs. Information can be obtained from statements related to investments, retirement savings, bank account savings and credit card payments. With the help of this information along with regular bill statements, a divorcing spouse can write down all of his or her current assets and liabilities, then spell out the assets and liabilities he or she expects to have in the future.
Having a clear picture of one’s financial situation is critical, as it can be immensely helpful during the divorce negotiation or mediation process. During these outside-of-court processes, the divorcing spouse can use this information to pursue a personally beneficial property division outcome. Without this information, he or she is more likely to make a personally harmful decision instead.
Pursuing a property division settlement outside of court offers the advantage of being less hostile and less time consuming than going to trial. Of course, sometimes, divorce litigation is inevitable, in which case, a judge will end up deciding how to split a divorcing couple’s property. However, in either situation, an attorney will ensure that a divorcing spouse’s rights and best interests are safeguarded in Minnesota.