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The divorce process can quickly become complicated, especially when it comes to untangling the web of assets, debts and financial responsibilities of both spouses. You can make the process easier on yourself by getting your finances organized once you know you are getting a divorce.
The following are a few tips to help you prepare for the financial aspects of a divorce in Minnesota:
- Track all your expenses: You should carefully analyze your expenses and income to prepare for a post-divorce budget and get a better idea of what you need to look for in the asset and debt division process. This will also inform how much spousal maintenance and/or child support you will need to maintain a reasonable standard of living for you and your kids.
- Organize key documents: Arming yourself with financial documents will allow you to more easily back up your arguments during the divorce process. Collect documents such as your checking and savings account statements, statements for retirement and investment accounts, credit card statements, pay stubs, tax returns, loan documentation, lists of assets and debts accrued during the marriage and any other financial information.
- Put off big financial decisions: Try to avoid taking out any loans, making any big purchases or making any significant alterations to retirement accounts or a last will and testament until the divorce has been finalized.
- Go to experts for advice: Many people will provide you with well-meaning advice, but the only advice you should listen to is that of your divorce attorney or financial advisor. These professionals are well-versed in the laws and potential outcomes of all potential actions.
For the guidance and advice you need as you work through the divorce process, consult a knowledgeable Minnesota family law attorney with Appelhof, Pfeifer & Hart, P.A.
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