Dedicated Property Division Lawyer Counsels Dakota County Families
When a Minnesota couple decides to file for divorce, assets and debts must naturally be divided. Assets and debts include real property, retirement assets, bank accounts, credit card debts and/or tangible personal property. Under Minnesota state law, property division must be “fair and equitable.”
Fair & Equitable Division
In Minnesota divorce cases, the law states that property division and marital asset division should be done “fair and equitably.” In many instances, divorcing couples agree to an equal division of their assets. It is important to note however, that “fair and equitable” distribution does will not necessarily result in a fifty-fifty split. A court may decide to divide a couple’s assets in some other manner, thus resulting in an award more or less than 50%. For example, a Minnesota court may be inclined to do this is if one party is taking more debt assumption, or if one party earns significantly less than the other.
Presumption of Marital Assets & Marital Debt
If an asset was accumulated during the marriage, the state of Minnesota considers it to be a marital asset, regardless of who purchased the asset or whose name the asset is titled in. All marital assets will be divided in the divorce action. Again, an asset is presumed to be marital unless proven otherwise. If a party can prove that an asset is non-marital, that asset will not be divided between the parties. An asset is considered non-marital if it was received as a gift and/or inheritance during the marriage. Like marital assets, any debts accumulated during the marriage are presumed to be a marital debt, regardless of who incurred the debt.