Minnesota residents who are considering divorce should be aware of the steps experts recommend to ensure fair asset division. The first step is to seek out a team of legal professionals as well as tax and investment professionals who can provide crucial advice throughout divorce proceedings. A senior executive wealth adviser emphasizes the importance of keeping things as civil as possible throughout a divorce. Couples should also consider selling assets such as beach and vacation houses rather than keeping them for adult children to use. The proceeds of the sale can then be given to the children instead, which often prevents conflict.
It is important to name personal assets, especially for the dependent spouse. In many divorce cases, the dependent spouse is left with only a monthly allowance and no personal assets. Certified divorce financial analysts can provide helpful advice for one or both parties, and they act as mediators throughout the divorce process.
While financial records were once kept in paper documents, tax files and other divorce documentation are largely digital now. Anti-hacking laws may cause trouble if one spouse innocently tries to access documents on digital devices without permission. Both spouses should be familiar with joint tax returns as well as other crucial financial information. This makes it easier to spot deception, such as hidden assets, and to monitor cash each spouse’s cash flow needs.
High-asset divorce cases often result in complex mediation, which is made easier my consultation with legal and financial professionals. A divorce lawyer might decide to represent a person going through divorce during mediation in order to make sure that contracts and other documents are fairly worded. A lawyer might also decide to help negotiate asset division to ensure that it is fair for the represented party.