How Financial Issues Can Impact Divorce Proceedings

Data collected by TD Ameritrade as far back as 2018 found that 29% of divorced Baby Boomers and 41% of divorced Gen Xers cited disagreements about money as the cause of death for their marriages. Ironically enough, the same financial issues capable of ruining a marriage can also impact the process of divorce. 

Over the course of a marriage, many couples will accrue assets and investments. During the dissolution of a marriage, all assets must be assigned a value so the District Court can make a “just and equitable” division of those assets. This complex process does not necessarily mean an “equal” division; divorcing couples in Minnesota are not automatically entitled to half of all assets. The division process can be arduous, especially if you don’t have your own legal counsel.

Why You Need Knowledgeable Counsel for Financial Issues During Divorce

No two marriages are the same, and neither are any two divorces. Everyone comes to the table with a unique collection of circumstances, challenges, assets, and debts. This individual sprawl can be difficult to untangle and stressful during an already nerve-wracking time. 

When you have legal counsel with experience in this area, navigating it can become a bit less harrowing. 

Choosing a Minnesota Divorce Attorney Who Understands Financial Issues

Sometimes you have too many assets to divide and a sprawling portfolio to assess. Sometimes you have the opposite problem, with your divorce complicated by debt issues. No matter your situation, you need financially savvy legal counsel capable of providing you with knowledge-backed advice and guidance through the process.

Your divorce doesn’t have to be the most stressful moment of your life. It can be the first step to a clean slate and a path to new beginnings, but the divorce must be settled properly for either party to have closure and move on appropriately. Ready to learn more about how to navigate a divorce with financial issues? Call Lake Harriet Law Office today to discuss your circumstances and to schedule a consultation.

Randall A. Smith – Managing Attorney            612-750-484

Madeline Woodward – Student Attorney         612-223-8925

Julia Kasbohm – Student Attorney                    612-223-8925

Sydney Koehler – Student Attorney                   612-223-8925


Published On: January 15, 2023Categories: Family Law Updates

Share This Story, Choose Your Platform!

Want To Learn More?
Call Us Today!

We represent clients throughout the Minneapolis area in Divorce, Financial Issues, Child Custody, Child Support, Parenting Time, Property and Asset Division, Spousal Maintenance and more!