Important Steps to Protect Finances During Divorce

Ending a marriage is far from just another legal process. The emotional side of divorce can easily distract you from some of the more important decisions that you will soon be facing, particularly when it comes to money. Protecting your finances during divorce is essential regardless of what emotions you might be struggling with.

This is because decisions that you make during a divorce do not just affect you right now. What you decide to do with your money now will also make a difference in the future. Just a handful of decisions can be the difference between future financial security and years of struggling. Understanding your joint and personal finances is the first step in this process.

Checked your credit report recently?

Your credit report can reveal a lot of useful information. You should be sure to begin regularly monitoring your credit reports as soon as possible during a divorce as this will give you an initial picture of where your finances stand. Monitoring your report and credit score is almost always helpful, but it is especially smart if:

  • You or your spouse has a lot of debt.
  • Your spouse has a gambling problem.
  • Your spouse is untrustworthy.

Your report will also show you any accounts to which your name is attached. If you share any joint accounts with your spouse, consider taking steps to close them. This will help prevent your spouse from incurring a lot of debt in your name or from draining your accounts, which will put you in a difficult financial position.

How much should you get?

It is not always easy to figure out how much of the marital finances you are entitled to. First, you have to determine which assets are separate and which are marital. Barring extenuating circumstances — such as a prenuptial agreement — income from either of you will probably be considered a marital asset. Whether from a job or an income generating asset, you are entitled to at least a portion of these funds. They will also factor into things like child or spousal support orders.

Of course your finances are not just about how much money you are bringing in or what is in your checking account. Your savings accounts — including retirement funds — will face division also. Closing these accounts before or during divorce is not always realistic though, so it may be prudent to require approval from both you and your spouse for withdrawals.

Being amicable is helpful

You probably did not decide to get divorced because you get along so well with your spouse. However, that does not mean it is not worth trying to maintain civility now. The more dedicated the two of you are to keeping things amicable, the less likely you are to end up in a lengthy — and expensive — court battle.

Working together to navigate through Minnesota family law is not necessarily easy. During this difficult and confusing period of life you would probably be better off working closely with an experienced attorney who understands your rights and needs. Therefore, seeking help before filing for divorce should be a priority.

Categories

What Sets Us Apart?

  • Personalized Attention & Carefully Curated Legal Plans

    Our top priority is to secure successful results for our clients, and we dedicate the full time and attention that every case deserves so we can secure the results that our clients are looking for. We offer the combined insight and experience of a premier team of Minnesota attorneys, and have an impressive track record to back up our claims. We represent over 2,000 individuals and a large variety of businesses throughout northeastern Minnesota, resolving their most sensitive and difficult legal challenges through detailed representation and skilled trial advocacy.

  • Decades of Legal Excellence

    Trenti Law Firm is the largest firm in the region, and each of our firm’s attorneys is native to the Iron Range. With locations throughout Minnesota — in Virginia, Cloquet, Hibbing and Ely — we have a professional and personal interest and commitment to serving people across the region. As one of the region’s largest law firms, we combine the knowledge and service of seven attorneys, five legal assistants and four support staff members to get you the support you need during this difficult time.

  • Elite, Distinguished & Experienced Legal Representation

    Our firm has earned/maintains the AV Preeminent rating* from Martindale-Hubbell. The Av Rating is the highest possible rating given by Lexis-Nexis Martindale-Hubbell Peer Review for a lawyer and is established wholly on a peer-review basis. The AV Preeminent designation signifies that attorneys have been rated by Judges and fellow attorneys as having the highest possible rating for legal abilities and ethical standards.

You're Hurt. We're Here.

Schedule Your Consultation Today

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.