How to divorce without going broke

On Behalf of | Apr 7, 2019 | Divorce |

Before 2019 ends, many Minnesota married couples will decide to end their marriages. While current data shows that divorce is declining, it is still quite prevalent throughout the country. The reality is that there is no way to predict which marriages will last and which will not.

When someone files for divorce, it is common to feel concerned about finances. Especially if the relationship is less than civil, a person might worry that his or her ex is going to try to beat the system and gain the upper hand in property division proceedings and other issues. There are several practical ideas to keep in mind when achieving a settlement without breaking the bank is the ultimate goal.

First, try to think of everyone involved, especially if there are children. It is understandable that a emotionally charged situation might spark feelings of wanting to take financial revenge against a spouse who caused hurt in a marriage; however, in the long run, it is best to try to peacefully resolve financial issues. Think of if this way: If such issues remain unresolved, it could possibly lead to further litigation and additional expenses down the line. As soon as the decision to divorce has been made, a spouse concerned about finances will want to close all jointly-owned accounts. This can help prevent hidden asset problems.

Minnesota spouses who have never paid much mind to budgeting may want to reconsider, as they prepare for divorce proceedings. There are also several ways to finalize a settlement, several of which are possible without ever stepping foot inside a courtroom. Such options are typically less expensive than litigation. An experienced family law attorney can explain each process and help determine which is most likely to help protect a spouse’s financial interests in a particular situation.

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