The financial ramifications of a divorce

On Behalf of | May 9, 2016 | High Asset Divorce

Minnesota couples whose marriages are crumbling may need to take steps to protect themselves from the potential financial devastation of a divorce. On average, it may cost $15,000 to $20,000 for legal and other professional fees alone. People who divorce may need to find a new place to rent and re-equip a household along with paying spousal and child support. It is also necessary for people to protect their share of assets during the divorce process.

Once people know they are headed for divorce, their first step should be to gather financial information. This includes passwords and account numbers for jointly held accounts. They should photocopy all important documents and take photos of the contents of the home as well.

Getting the right attorney is also important. A person should not choose a friend who is an attorney but whose work lies in other practice areas. Furthermore, children should not be used as pawns in a conflict between parents. Regardless of how one parent feels about the other, they should avoid saying anything negative about each other in the child’s presence. Doing so may be very damaging for the child psychologically.

An attorney can often guide a client through many of the challenging aspects of a divorce. These may range from disagreements over child custody to a suspicion that the other spouse may be hiding assets. In many cases, legal counsel can be of assistance in negotiating a settlement agreement that covers all of the applicable issues and that can then be submitted to the court for its approval.