Resolution Through Negotiation

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Divorcing couples should separate finances as soon as possible

On Behalf of | Oct 28, 2016 | Divorce |

Couples who are considering divorce in Minnesota should separate their finances as soon as possible. Divorces can become very expensive. Each party in the relationship should be financially stable enough to support themselves once their separation has been finalized. Regardless of who was the primary breadwinner in the relationship, there are some steps that couples can take to protect themselves from the financial chaos that often ensues with divorce.

Former spouses should consider monitoring any joint accounts they have to ensure the other party is still honoring their financial responsibilities. This can keep them from having to deal with potential consequences if any payments are missed. According to the Wall Street Journal online, debts do not take a back seat when a marriage is over. In fact, couples are still obligated to cover joint expenses whether they want to or not unless some type of agreement has been made with their creditors or their former partners.

Written agreements detailing how all expenses are to be split in a divorce can help to keep the lines of communication open, prevent future barriers and make the divorce process much easier to finalize, states Any verbal agreements that are made between soon-to-be ex-spouses should also be put into writing. People in the middle of a split should also realize that there will be changes to their lifestyles that they do not like and are unable to anticipate. They should try to plan out their circumstances to limit the number of challenges they may encounter.

Couples should get their finances in order before they file for divorce. They should also make plans to improve their immediate and long-term financial situations to keep the status-quo in their new relationship with their former spouse.