There are many financial considerations of which one must be aware when going through a divorce. However, there are often additional hurdles when it comes to securing one’s financial position during high asset divorce. With more complicated assets on the line, there is greater room for error that can ultimately have serious repercussions on one’s financial future.
Focus on asset value
Valuing certain assets like household furnishings or appliances is generally a straightforward process in Minnesota. Other assets can prove to be a much greater challenge, though. For example, accurately valuing a business often requires both time and expert help. There can also be confusion about each spouse’s stake in the business, which may depend on whether it was owned by just one partner or both.
Consider alternatives to court
Divorce is an intensely personal decision, and for that reason many people value privacy throughout the process. Taking a divorce straight to court offers little in the way of privacy though, making alternative dispute resolutions attractive options for some people. Processes like arbitration and mediation are often more private as well as:
- Faster
- Cheaper
- Less stressful
While divorce may impact one’s finances, it does not have to rock one’s overall financial stability. Making smart decisions during property division and focusing on collaborative methods can help secure a better financial future for both partners as they embark on a new path in life. Minnesota family law can be complicated though, so it is often worthwhile to seek out guidance from a knowledgeable attorney when pursuing a high asset divorce.
