When a husband and a wife wish to sever the tie between them by way of a court-approved dissolution of marriage, the emotional and psychological stress that they are often under makes it rather difficult for them to make certain financial decisions. It is in this process that the services of and advice from a knowledgeable divorce lawyer may be of considerable use to the parties involved.
There is little doubt that divorce proceedings themselves often end up costing a significant amount of money across the country, including here in Minnesota. In fact, according to a Minnesota attorney, the cost involved may occasionally reach as high as $15,000 to $20,000. However, despite the cost of the process, financial issues ranging from spousal support to child custody and child support can have an impact long after the decree is signed.
Considering that a person can commit to a well-planned and strict budget, draw up financial plans on how to rebuild a savings account following the costs of divorce and property division and begin to look forward to post-divorce life, the financial hardship involved in a divorce can be limited as much as possible. However, if a person chooses not to divorce merely because of its financial implications, it may lead to long-term problems in his or her life that are best avoided.
It is true that the cost of remaining in an unhappy and unstable marriage can be rather high, particularly when the only reason is that the divorce process can be expensive. At the very least, a legal safeguard such as a prenuptial or postnuptial agreement can reduce the expenses to a certain extent.
To deal with the challenges, a divorcing couple in Minnesota may find the help of an experienced divorce attorney helpful. If the goal is to limit the financial damage, certain steps may be taken to reach a quick, amicable settlement that allow both parties to leave the marriage on solid financial ground.
Source: The Huffington Post, “Contemplating the One-Two Punch of Divorce,” Linda Esposito, April 21, 2014.