If you are thinking about getting divorced, you may naturally feel uneasy about what is to come. After all, divorce scenes on TV do not always present it in the best light.
Admittedly, divorce and predictability do not go hand in hand. However, being as prepared as possible may help you to navigate it more easily. Here is a look at what you can and cannot expect from a divorce from a financial standpoint.
What to expect with regard to the division of property
During the divorce process, you and your soon-to-be former spouse will find out who will get to keep certain assets owned during the marriage. If you and your former spouse can work out an agreement through an alternative to litigation, such as mediation or collaborative divorce, you may feel more of a sense of control over the division of your marital property.
On the other hand, if you cannot achieve a mutually satisfactory settlement, a judge will divide the property in the most equitable manner possible. The determination will be based on your and the other party’s current and future financial situations, for example.
What to expect with regard to spousal support
Through divorce, you and your future ex will also learn who will pay spousal support to the other person, if such support is deemed appropriate in your case. The awarding of spousal support depends on each party’s potential financial circumstances after the divorce.
For instance, if you decided to stay home to take care of the children while your spouse worked, then your spouse will likely be required to provide you with support for a certain period of time. Again, if you and the other party can work out this arrangement on your own, you can avoid the court entering an order that may not work best for your situation.
What not to expect when it comes to your finances
If you take your divorce matters before a Minnesota judge, there is no guarantee that the outcome will be the fairest one to you given the circumstances surrounding your situation. After all, a judge must make important financial decisions concerning you and your future ex with limited information and time. However, an applied understanding of the law may help you to fight for your fair share of assets and achieve the most personally favorable outcome possible.