Ed Shaw Law - Brainerd Attorney
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As you are all aware, we are currently facing unique challenges due to the Coronavirus. While this is a serious crisis, it is important to keep it in perspective, and not allow it to prevent us from going about our business. We want to assure all of our clients that this office is prepared to serve your needs, regardless of what happens and how the virus affects Minnesota. In an effort to keep the office safe, we have stepped up prevention and sanitation measures in hopes to prevent disease transmission.

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Please rest assured, we will continue to take care of your legal needs in this challenging time, and your safety is our highest priority.

Please see our blog for more info on pandemic response.

Financial planning for a divorce

| Apr 6, 2018 | Divorce

For Minnesota couples, the decision to divorce can require a lot of financial planning. This may include obtaining copies of credit reports to clear up any errors before the divorce is underway. Soon-to-be exes should also gather copies of other financial documents and keep them somewhere safe such as with a trusted family member or in a safety deposit box.

If possible, a spouse should set up an individual bank account and establish a line of credit. The latter could present challenges for those who did not work outside the home during the marriage. However, the Credit Card Accountability Responsibility and Disclosure Act of 2009 allows people to apply for credit based on household income.

Ex spouses should also understand that their taxes will change. They may move to a different income bracket, and if assets are sold during the divorce, there could be a capital gains tax to pay. For help, an ex could hire a financial professional to assist with taxes and other money-related issues.

Before the actual separation, a spouse might also want to sit down with an attorney and talk about financial goals for the divorce. Protecting oneself financially can be critical since people may suffer a severe drop in their standard of living after a divorce. Another financial consideration could be child support, which is usually paid to the custodial parent. People who are concerned about paying or receiving either child support or alimony might also want to discuss this with the attorney. These amounts may also be modified in the future based on a change in circumstances.