In addition to matters that affect the well-being of children, money issues are a top concern for those exiting a marriage. Minnesota is an equitable distribution state, which means that courts strive to divide marital property fairly between spouses.
Unfortunately, you might still face economic hardships if you do not fight for your rights. If you fear the financial aftermath of your divorce, perhaps the following tips can give you some extra post-divorce financial security.
Consider hidden assets
A legal requirement of divorce is that both parties disclose their assets so that the court can ensure fair distribution. It is unlawful to hide assets from disclosure, yet it happens more than you might think. You may believe your spouse would not do such a thing, but it is wise to consider the possibility. It may even be worth the expense to bring in a financial professional who knows how to find such assets if you believe they could be considerable.
Consider spousal support
Fewer people are seeking spousal support (alimony) these days, particularly if their income and assets are about equal to their spouses. It can also be unwise to remain dependent on an ex-spouse. However, spousal support could make a meaningful difference in your post-divorce lifestyle.
Current laws make it possible to find or create an arrangement that meets your needs. For example, short-term spousal support can help you get training or education to improve your future employment prospects. Don’t discount alimony until you have thoroughly assessed your economic situation.
The more you know about divorce in Minnesota, the better prepared you are to protect your rights. Knowledge and legal guidance can help you achieve your goals.