Attorney Todd Dwire speaking with staff member in conference room

We See The Big Picture In Family Law

Take precautionary steps with your finances during divorce

On Behalf of | Apr 24, 2012 | Firm News |

There are so many things that need to be taken into account during a divorce, and most these things are financial in nature. From property to assets to even the debt you and your spouse have accrued over the years, the delicate process of dividing financial items in a divorce should be done with an experienced attorney by your side.

Bringing aboard appropriate legal counsel is just one step you can take to aid your finances when going through a divorce. One practice that many Minnesota divorcing couples need to resist is taking your credit to the limit.

Of course, this is something that you shouldn’t do in the first place. But it is even more important during (or after) a divorce. Going so deep into debt could force a divorced person into an inescapable financial prison that culminates in bankruptcy — another legal matter that a divorcee does not want to deal with. Even if it is not that bad, missing your credit card payments negatively affects your credit score and history.

Another thing to avoid is bickering with your spouse about small items of relative insignificance. Lamps, silverware, a ten-year-old desk: yes, they may have a little bit of value, but fighting over the ownership of such items could be worth twenty times as much in legal fees. This is another reason why you want to seek an experienced divorce attorney — such a lawyer will understand your interests and help you avoid the financial pitfalls of divorce.

Source: Huffington Post, “Top 5 Ways to Ensure Financial Security During your Divorce,” Brendan Lyle, April 23, 2012


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