Money can create incredible pressure on the partners of a marriage. In fact, disputes over money can become so significant that they can contribute to the demise of the couple's marriage. In Minnesota and jurisdictions all throughout the nation, there are some important steps that couples planning to end their marriages can take to ensure their money disputes do not dominate their divorce.
Primarily, each partner should be aware of what money they have and where it is located. This can include collecting information from savings and checking accounts, retirement plans, investments and others. By knowing what they have before attempting to divide it, a couple may be able to prepare for their divorce-related property division.
Additionally, divorcing parties should recognize that they may have to live on less after their divorce than they had while they were married. Going from two incomes to one or being required to pay spousal support to a former partner can deplete the finances of any person. Keeping the right mindset and controlling one's emotions about money issues can help ease the burdens of managing divorce related financial problems. Finally, couples who have children and who decide to divorce can often find common ground when they commit to keeping their kids' interests in mind when determining what to do with their money.
It can be very difficult to remain civil with a soon to be ex-spouse when money disputes led not only to a divorce but also dominate divorce negotiations. However, with the right representation and an attorney who understands the importance of managing financial concerns during the dissolution of a marriage, many individuals are able to find peace of mind for their unmarried futures.
Source: Nasdaq.com, "What to Do If You Are Divorcing Your Valentine," Barbara Shapiro, Feb. 10, 2017