Some Minnesota residents who are getting a divorce may face particular challenges if they have not traditionally been very involved in the family finances. They might find out that the family is not as well off as they thought, or they may simply lack the skills to untangle the financial situation and make the best decisions moving ahead.
For example, one woman’s husband offered her about $50,000 of the retirement account and the house. The mortgage on the house was paid, so this might have seemed like a good deal. On the other hand, the house was big, and it would be costly in terms of utilities and upkeep. An attorney can be helpful in working through the pros and cons of an offer like this.
People in such a situation should also get a credit report. This lets them see whether their spouse has any lines of credit in their name and gives them an idea of what they need to begin to do to separate their credit from their spouse’s. Individuals should also know that they might be able to draw Social Security retirement benefits on their former spouse’s earnings record.
The first step for a person who is concerned about finances and property division in a divorce should be to get as much information as possible about the family finances. By gathering information on debts, assets and income and taking them to an attorney, an individual might be able to start developing a strategy for financial stability. Tax returns, investment paperwork and bank statements might be among the documents needed. People should also keep in mind that there are laws governing division of property in a divorce that an attorney can explain.