Divorce is one event that many Minnetonka area couples approach with dread. They have heard so many horror stories that they do not know what to expect for their divorce proceedings. Divorce is only as easy as you make it. The first step is for you to honor the fiduciary responsibilities that the court requires of you.
Marriage does not require spouses to combine their finances and take on joint liabilities. However, divorce does require them to provide disclosure about them. Take some time to consider the following information on divorce assets and liabilities.
Lack of cooperation leads to wasted time and more expenses
Wealth is a strong motivating factor for some individuals. In divorce, some people may feel like cheating their spouses by lying about their debts and personal and marital assets. It is not unusual for items to suddenly become lost or disappear. To prevent this from happening in your divorce case, pay attention to your finances and track all assets before you file.
Keep a copy for your records. The courts cannot issue the right ruling on the division of a couple’s marital assets if the information they were supposed to disclose is inaccurate. It is also impossible for the judge to separate marital property and debts if they cannot verify their existence and location.
Assets must undergo fair division
In many cases, “fair” means both parties can expect to receive almost equal shares of marital property. In order for that to occur, all property must be classified as separate and joint. Determining joint assets from private property is not always easy, especially when there is a lot of wealth at stake. It is very common for separate property to become community property during marriage. It is not possible to split all marital assets fairly, making it necessary for some couples to liquidate assets to reach their divorce settlement goals.
Assets and properties often change in value. It is a good idea for you to have all marital assets appraised right before filing for divorce so you and your attorney know how to proceed with negotiations.
