Property Division

Minnesota Divorce Lawyer

If you are contemplating a dissolution of your marriage, it will be important to understand how the law in Minnesota applies to the property of the parties.  Essentially, there are two types of property:  1) marital property, which is generally all property acquired during the marriage; and 2) non-marital property, which is generally property that was acquired by each spouse before the marriage, but may also include property given to one spouse as a gift or an inheritance, among other things.

If you are contemplating divorce or legal separation, you should take care to inventory, photograph and value all assets.  You will want to gather together important documents, such as the titles to vehicles and real estate, statements for all banking and investment  accounts, appraisals for valuables, real properties and businesses, if applicable. 

If you believe you have non-marital claims to property, it will be important to obtain documentation to establish when you initially received or purchased the non-marital asset and what, if any, contributions were made toward the value of the asset prior to the marriage.

You will also want to prepare a budget of your reasonable monthly living expenses.

Distribution Of Marital Property

Marital property is generally divided equally between the parties, as are the martial debts.  Under certain circumstances, the Court may award one spouse a greater portion of the marital property or even a portion of the non-marital property of the other spouse.

Some of the factors a Court will take into consideration when dividing property between the divorcing spouses are: 

  • Length of the marriage
  • Prior marriages, if any
  • The age, health, sources of income, vocational skills and employability, ability to acquire capital assets in the future, and liabilities and needs of each party.
  • The contribution each party made toward a specific piece of property
  • The contribution of a spouse as a homemaker

It is conclusively presumed that each spouse made a substantial contribution to the acquisition of the income and property while they were living together as husband and wife.

It is rare that property is divided physically. The property is usually appraised by an appraiser so that each party can receive a portion of the value. To ensure assets are divided equally, pieces of property may be traded and one spouse may need to pay the other a cash settlement. Your Minneapolis family law attorney will help you through the process.

Contact A Minneapolis Divorce Lawyer & Attorney

Property division is often one of the most complicated components of divorce.  It is important to know your rights and understand the process.  Call the Lundgren Law Office at 612-333-3908 for your free case evaluation.

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