For Minnesota couples who are preparing to divorce and have concerns about how the property division and other financial issues will be decided, it's important to gather relevant facts to avoid any complications. It's a major life decision to divorce, and one of the factors that leads to long disputes is the divorce asset split. Couples who prepare themselves for life after a divorce are likely to have an easier time getting their lives back in order than those who give no thought to finances until it is too late.
During a divorce, people frequently ignore certain financial details. For example, if there are joint credit cards, the creditors don't care that one spouse was supposed to pay the bills. In the event that the bills are not paid, it can negatively influence the other spouse's credit score. Therefore, when there are joint debts, spouses who are unable to come to a consensus about how to divide them should consider simply paying them off.
Knowing how Minnesota laws apply to property valuation and division can smooth the path to a relatively amicable divorce. Even if one spouse is being difficult or both spouses are fighting over various assets, people who are divorcing will no doubt have questions about how pensions will be separated, how property is assessed and who has legal rights to what property from the marriage.
For couples with significant assets or limited assets, bearing in mind the importance of properly dividing both assets and debts may prevent disputes both during and after the divorce. To get more information on how to divide assets and debts during a divorce, it is advisable to speak to a Minnesota attorney experienced in divorce and property division.
Source: FoxBusiness.com, "Debt and divorce: 5 steps to make a clean credit split," Dawn Papandrea, July 14, 2014
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