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What are considerations to make in a high asset divorce?

Financial security is a big issue for couples facing divorce. With all of life's uncertainties, the effect divorce can have on certain property or assets, such as a family-owned business or a lake home, only adds to these potential obstacles. Fortunately, there are ways to thoughtfully work through a high asset divorce by protecting an individual's assets in order to establish a more comfortable financial future for both parties involved.

As couples make considerations for their divorce, there are a few things for Minnesota couples to consider before they actually move forward with their split.

First, it is imperative that both parties get a full and accurate picture of the real family budget. Too often parties fight over big-ticket items, such as the family home or family business without understanding the associated costs. Maintaining responsibility of such items without a real understanding of what it will cost to maintain the property could have a huge financial impact in the future, and may not be in the party's best interest to hold on to them.

In addition to acquiring a complete understanding of a couple's assets and liabilities, and a realistic understanding of what it would mean to retain certain assets, it is also important that parties learn a little about Minnesota divorce laws. In our state, property is considered marital or non-marital. Marital property is split between the parties while non-marital property remains in the original owner's possession.

Finally, the parties should review all of their financial records, including their credit histories. Since the spouses will be dividing their assets and liabilities acquired during marriage, it is a good time to look for discrepancies in a person's credit history in case something needs to be addressed sooner rather than later.

Source: Chicago Parent, "Four ways to protect finances in a divorce," Lela Davidson, Oct. 5, 2012

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