Reichert Wenner, P.A. Attorneys at Law
St. Cloud Full-Service Law Firm

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Planning your financial future after a divorce

On Behalf of | Dec 18, 2019 | Family Law

If you are thinking about filing for divorce after the New Year, you know that you have a difficult road ahead. No matter how amicable you and your soon-to-be-ex-spouse may be, it will be a process that will bring significant financial changes to your life. This is why it is in your interests to start preparing now for what lies ahead.

Getting ready for divorce even before you file is practical, and it can save you from a significant amount of stress and complication long-term. Even if you are not sure when you will be ready to move forward with this major decision, there are steps you can take now that will help smooth your path once you do move forward. With planning, you can lay the groundwork for a stable post-divorce financial future.

What should you do now?

Finances are one of the most complex aspects of a divorce, and they are often the source of great contention between parties. Even if you are not wealthy or you do not have a lot of assets to fight over, it is not always easy to determine how to equitably divide marital assets. You also have to realize that you will need to advocate for yourself and fight for your own interests. Some of the things you can do now include:

  • You can start making a list of all of your assets. This includes retirement accounts, savings accounts, physical assets, real estate, valuable collections and more. This will make it easier during the property division process.
  • You can start working on a post-divorce budget and adjust your spending accordingly. This will help you transition your finances during your divorce and until you get back on your feet.
  • You will also find it beneficial to speak with a financial planner regarding your financial future. This can help you understand how to proceed during your divorce and make choices that will allow you to succeed long-term.

If you are unsure of where to begin with your divorce planning, you may want to start by seeking an evaluation of your case and speaking with an experienced Minnesota family law attorney. This simple step can help you understand what to expect and how you can fight for your best future after your divorce is final. While the financial aspects of a divorce are complex and a lot is on the line, you do not have to walk through it alone.