Considering divorce? Here is how to prepare

| Mar 20, 2021 | High Asset Divorce |

When life is stressful, it can also put strain on specific areas of one’s life, such as marriage. However, just because a marriage survived a period of prolonged stress does not mean that it will stand the test of time. If someone’s marriage has endured a difficult experience by little more than a whisker, it might be prudent to plan for what may be to come — divorce. 

Get those documents in order 

Most Minnesota couples accumulate a lot of marital property over the years. In the absence of a prenuptial or other extenuating circumstances, this marital property must be divided during divorce. Collecting relevant documentation about as many assets as possible will be helpful when heading into divorce. It is also wise to gather up documents related to marital debt. 

Update relevant accounts 

Untangling two lives can be exceptionally complicated, and it goes far beyond just accumulating jointly owned debts. Married couples often maintain joint financial accounts to which both have access. This creates the potential for one spouse to possibly drain some of the funds at some point during the divorce process. This is why it is often advisable to close out, change or otherwise address some of the following: 

  • Joint bank accounts 
  • Credit cards 
  • Account login information 
  • Addresses 
  • Work benefits 

Of course, getting ready to file for divorce is more than just a legal process. Many people experience a wide range of emotions during this period of time, which can be understandably overwhelming. Some people choose to address some of their concerns by first speaking with an attorney who is knowledgeable in Minnesota family law.