Accumulating wealth is generally a good thing. However, it does make divorce more complicated.
Minnesota follows the equitable property distribution model. According to Minnesota Statutes 518.58, the court measures several factors and attempts to divide the property fairly. Continue reading to learn more about property division during a high-asset divorce and what you might expect.
More assets equal more money
Typically, the more property you have, the more expensive a divorce is. There is not a set amount you can expect to pay, but keep in mind that you might have to pay for business valuations, property valuations and a lot of time negotiating.
More assets equal more time
With more costs usually comes more time. Valuating the worth of your marital property takes time. Besides valuation, you must gather the proper documents and distinguish between marital and separate property.
More assets equal more confusion
Separate property is not always clear. For instance, you might have an asset you gained before the marriage. However, if your spouse used or benefited from that asset, they may have a claim on it as marital property.
More assets equal more planning
Considering all the above, it is clear that a high-asset divorce requires careful planning and documentation. Unfortunately, not everyone keeps track of their documents. Start working on your finances as soon as you know the marriage is over. This is not always easy, especially if your spouse takes care of the financial side of your marriage.
High-asset divorce is difficult, but people get through it every day. If you know a divorce is on its way, start taking steps to prepare right away.