Education is essential preparation for a divorce asset split

One of the most difficult divorce related legal matters that couples must address in a divorce proceeding is money. From child support and alimony to property division or a small family business, money matters are often the most contentious family law legal disputes, and that is one reason it is so important for people to educate themselves. Minnesota readers may have seen a recent article about divorce and preparing for the inevitable divorce asset split.

Getting a divorce can be difficult emotionally, which can easily distract people from what they are trying to accomplish. While being upset is understandable, it is important not to let it get in the way. And among the most important things that a person can do to protect their interests in a divorce proceeding is to educate themselves about money. This can include learning about everything from investments and the household budget to real estate holdings and state property laws.

For example, in the U.S. people either live in community property states or equitable property states. In a community property state, all marital property is divided equally or 50/50. This means that everything the couple acquires during the course of the marriage and everything that is not determined to be separate by the court will be split in half. On the other hand, in an equitable property state, like Minnesota, judges have a lot more discretion in how property is divided, and consider a much larger range of factors.

Finally, it is important for couples facing a divorce asset split to get organized. In addition to gathering all of the necessary documentation and educating oneself on the pertinent law, get everything in order so it can be easily shared when the time comes. Whenever someone is organized they will have a much better understanding of not only what they have, but also what they owe. This can be a huge benefit when it is time to start negotiating who gets what and why.

Source: Huffington Post, "Divorce Confidential: The Importance of Being Financially Savvy During Divorce," Caroline Choi, April 18, 2014