Going into anything without planning can be a recipe for disaster. This is why there are several steps which soon-to-be divorcees can take to make the process of ending one’s marriage easier. For example, taking the time to thoroughly evaluate and prepare one’s finances is often a good place to start.
Take a hard look at assets
Marital assets are divided equitably in Minnesota. However, it is impossible to divide things fairly if all assets are not on the table. Some shared property is fairly obvious, like cars, joint bank accounts and the family. Figuring out what other types of property are also considered marital is not always so easy, though, and property that is often overlooked includes things like:
- Pensions
- Artwork or other collections
- Subscriptions or memberships
- Stock options
- Tax refunds
Jointly owed debt is also subject to division during divorce. Depending on one’s situation, it might be easy enough to identify all marital debt. However, it might be prudent to get a copy of one’s credit report, which will list all owed debt.
Gathering all relevant financial documents is a good first step for most people. This includes getting copies of bank statements, credit card accounts and more. It can be confusing trying to identify what information is important and what to set aside though, especially when one is also trying to navigate the emotional side of divorce. For some, it can be helpful to seek out guidance from an attorney who is knowledgeable in Minnesota family law.
