Minneapolis MN Divorce Law Blog

The divorce process has a lot of intricacies that can sometimes make it overwhelming for many people. When going into a divorce, Minneapolis couples are required to put together a lot of personal information, including financial documents, in order to determine the terms of their settlement. Those getting a divorce should consider the benefits of a lifestyle analysis. This process can reveal how much alimony a spouse should receive and provides a much better picture of you and your spouse's financial situations.

A lifestyle analysis, sometimes known as a financial affidavit, can help you and your divorce attorney gain a clearer picture of what your personal and marital assets look like when heading into divorce. In addition to all pertinent financial documents, such as tax returns and bank statements, it is a good idea to gather information on your family's day-to-day expenses during the course of your marriage and how you and your spouse spend your money.

The imprisonment of Twin Cities auto dealer Denny Hecker has been all over the headlines during the last couple years. Since Hecker's financial and legal woes began, he and his wife have divorced. During their divorce, they made a property division agreement regarding Denny Hecker's retirement funds. Recently, a Minnesota court has ruled that the retirement funds owed to the ex-wife will be sent to Chrysler Financial instead.

In the spring of 2010, Hecker and his spouse agreed to split up their marital assets. As a part of the agreement, she would receive just over $72,000 from one of Denny's retirement accounts and he would get $96,000 from a separate account.

Any family going through a divorce could tell you that it's stressful. Between splitting financial assets, determining who will take the house, deciding on child custody and agreeing on spousal support payments, there is a lot to worry about. Couples dealing with a high-asset divorce often face a particularly complex situation. However, Minnesota families can take a few steps to prepare themselves for divorce.

One of the first things a person headed toward divorce should do is get their affairs in order. This starts by gathering all the paperwork related to your finances, property, estate or any other pertinent pieces of information. By getting these items together immediately, it can reduce stress during the actual divorce proceedings. It's also important to consider how you will handle your personal finances while you're going through the divorce proceedings.