Divorce is considered to be a potential destroyer of wealth. After all, the cost of the average dissolution of a marriage in the United States is from $15,000 to $20,000, plus the costs of moving out and completely starting over. A couple of tips may help people to safeguard their financial interests when navigating the divorce process in Minnesota.
First, before going through the divorce process, it is essential to engage in information gathering. This includes getting all passwords and account numbers to anything that both spouses have, either individually or jointly. It is wise to gather this information while it is relatively easy to access, as it may end up suddenly disappearing later.
Next it is important to create copies of all of one's essential documents. These documents will serve as the basis of one's negotiations. It also helps to take pictures of the contents of one's house. Taking these steps is important because many individuals have no clue about their marital finances and often forget how much the items in their homes are worth.
If two individuals are able to find common ground during a divorce, they may benefit from going through divorce negotiation rather than litigating the divorce. The negotiation process can be less stressful and less costly than litigation while allowing the parties to reach a mutually satisfactory agreement when it comes to determining how to split their assets. If litigation is necessary, however, a Minnesota judge will make the final decisions for the couple regarding how their property will be divided based on multiple factors, such as how long the marriage lasted and the couple's levels of income.
Source: The Huffington Post, "How to Protect Yourself During Your Divorce", Al Corona, May 3, 2016