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 that is more or less than 50 percent. For example, a Minnesota court may be inclined to do this is if one party is assuming more debt or if one party earns significantly less than the other.
If an asset was accumulated during the marriage, the state of Minnesota considers it to be a marital asset, regardless of which party purchased the asset or whose name is on the title. 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. The skilled property division attorneys at Howard Family Law, LLC are prepared to help you negotiate an equitable solution that allows you to move forward with confidence.