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What do I need to know financially before a divorce?

On Behalf of | Sep 7, 2019 | Family Law

If you are a married person in Minnesota and have given thought to a divorce or believe that your spouse may be contemplating a divorce, it is important that you protect yourself financially. The emotional realities of a divorce will require a lot of attention from you but that should not happen at the expense of you giving attention to financial matters. The more educated you can be about your financial situation today, the better prepared you will be when it comes time to work out a divorce settlement with your spouse.

To get started on this process, you should make a list of all assets and debts that you and your spouse have. Think carefully and include everything down to life insurance policies, long-term care insurance policies, vehicle ownership or loans, student loans and more.

Collect your tax returns and bank statements for the last couple of years and make sure you have logins to all accounts. For debt accounts like credit cards or home loans, be aware of your interest rate and the outstanding balance as well as your monthly payment. If you have a prenup or a postnup, you should also review that to be clear on any terms set forth in there that may dictate some of your divorce settlement.

This information is not intended to provide legal advice but is instead meant to give residents in Minnesota an overview of the importance of collecting a comprehensive set of information on their current marital financial situation before embarking on a divorce.