While thousands of married couples separate every year in Minnesota, a divorce is never easy for the person that is actually going through it. There are undoubtedly many things on your mind—your finances should not take a backseat. It is crucial that you have the knowledge, tools, and resources to protect your financial interests. Here, our Mankato divorce attorney offers five financial tips to help you through the divorce process in Minnesota.
1. Get Organized: Gather All of Your Financial Information
Are you preparing for a divorce in Southern Minnesota? If so, it is time to gather, organize, and prepare all of your financial documents and records. You will not be able to effectively protect your financial interests unless you fully understand your financial position and your spouse’s financial position. The more information you have, the easier it will be to develop a plan.
2. Make the Proper Financial Disclosures
In Minnesota, parties to a divorce are required to make financial disclosures to each other. Both you and your spouse have a legal obligation to make comprehensive disclosures regarding your income, assets, and liabilities. These procedural rules help to ensure that neither party is hiding assets.
3. Know How Property Division Works in a Minnesota Divorce
Property division is one of the most challenging and potentially contentious issues in a divorce. You need to know your rights under state law. Minnesota is an equitable property distribution jurisdiction (MN Statutes § 518.58). Each spouse will receive a “fair” share of the marital assets. Beyond property division, you should also consider whether spousal support (alimony) or child support will be an issue in your case.
4. Start the Process of Untangling Your Finances
Untangling your finances from your spouse can be a logistically complicated task. While you need to be very careful about making major financial moves/decisions during the divorce process, it is a good idea to start setting yourself up for the future. As an example, if you and your spouse only use joint bank accounts, it is a best practice to set up your own individual bank account.
5. Make a Budget for Now and After the Divorce
A budget can be a valuable resource to help keep you on the right financial path. Make a budget for yourself for now and for after the divorce. With a comprehensive budget, you will be in the best position to keep your finances on solid footing and to ensure that you receive your fair share of the property and assets in the divorce.
Schedule a Confidential Consultation With a Divorce Lawyer in Southern Minnesota
At Kohlmeyer Hagen, Law Office Chtd., our Mankato divorce attorneys have the legal expertise that you can rely on to protect your financial interests. If you have any specific questions or concerns about your finances and divorce, we are ready to help. Contact us at 507-625-5000 to set up your confidential consultation. From our Mankato and Rochester offices, we provide divorce and family law services throughout all of Southern Minnesota.