Ending a marriage is an emotional process. Disagreements over things like child custody, child support and alimony can easily disrupt other important matters, such as property division and one’s overall finances. When going through a divorce, it is important to familiarize oneself with marital finances and consider what the future might look like.
Make a list of all accounts
Dividing marital assets is an important part of divorce. In Minnesota, assets are divided equitably. This means that assets should be split in a way that is most fair and not necessarily 50/50. However, assets are more than just physical property like homes and vehicles. A few examples of assets that some people initially overlook during property division include:
- Bank accounts
- Retirement savings
- Credit cards
- Personal loans
Is insurance coverage in order?
Property division can also influence one’s insurance needs. If one spouse keeps the marital home, he or she may need to secure new homeowner’s insurance coverage in his or her own name. The same goes for car insurance, as whichever spouse ends up keeping a motor vehicle needs to ensure that the coverage is issued in his or her name.
Property division can impact one’s financial security after divorce. Making sure that both parties are aware of all jointly owned assets is an important step toward ensuring that asset division proceeds as fairly as possible. Learning more about Minnesota family law is another smart option for those who hope to preserve their finances throughout the divorce process.