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Analyze Your Finances Before You Get Divorced

Every divorce includes the process of dividing marital assets and debts. To fully prepare yourself for this process and to increase your chances at obtaining an equitable outcome, it’s important to have a thorough understanding of your financial situation and outlook.

The following are some aspects of your finances you should analyze in detail before the divorce process begins:

Owned assets

Your assets do not just include physical property. You also need to be aware of all your financial accounts and their values. Documents you will want to have and analyze include:

  • Any records relating to your owned property, such as mortgages, loan documents and statements, insurance documents, appraisals and homeowners’ association fees
  • Documents for motor vehicles you own, such as loan statements and titles
  • Account statements for CDs, bonds and any other stocks or investments
  • Documents related to valuables, such as art, jewelry or furniture

Debts

Your marital debts will also be divided during your divorce. Even if your name is not on the loan, you could still be liable for the debt so long as it was incurred while you were married.

To that end, you should get as much information as you can about your mortgage debt, car loans and credit cards, along with any personal loans, loans against retirement accounts or other debts owed.

Income information

Finally, make sure you have a detailed and accurate overview of your income information. This includes salary and wages, severance pay, Social Security benefits, retirement income, disability benefits, unemployment, rental income, interest and dividends, fringe benefits and capital gains.

Your income information will have even more context when you analyze information on all your expenses, so be sure to look at where all your money goes, as well.

For further guidance and advice on how you can best prepare for the dissolution of your marriage, speak with a skilled Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.

 

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Client testimonials
  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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