Minnesota Property Division in a Collaborative Setting
After issues involving children, the division of assets and liabilities is for most couples the most impactful issue in divorce. At Collaborative Divorce Minnesota, we thoroughly understand the complexities of the process, and we enjoy helping people work through it using the collaborative process.
How Does It Work?
In collaborative divorce, the couple is actively engaged in creating a balance sheet of all assets and liabilities. This balance sheet assigns assets and debts to both former spouses in a way deemed acceptable by them. Couples also need to be aware of assets with hidden taxes, so that they are comparing “apples to apples” when they make their final choices.
The Financial Specialist is of great help in this process, helping both partners to consider which assets are best for them to retain as a result of the divorce, and what needs to be done with any debt. Some assets may be valuable but come with greater risk, or with future taxes which must be paid on them. Considering these nuances is critical. On the debt side of the equation, some spouses may choose to pay off debt, or to restructure debt in some way.
Additional Financial Considerations
There are two subjects involving money which cause couples to spend tens of thousands of dollars each if they are in court litigation. Those subjects are: the worth of “non-marital property” acquired from inheritance or before marriage, and family support. Fortunately, the collaborative divorce process can save couples thousands of dollars and a lot of unnecessary angst when it comes to these two subjects.
The Guidance You Deserve
Located in Edina and serving the entire state, Collaborative Divorce Minnesota helps people understand the financial realities of divorce. Call 952-405-2015 or send us a message using the form on our contact page to get in touch with our professionals.