Divorce is not easy and a custody battle is the worst, I have had the opportunity to work with Lindsay Fischbach and she has been such an amazing help! I can't wait for this all to be over ,but she has helped me tremendously with the ongoing Battle, …Jackie K View all testimonials
Under Minnesota divorce law, the division of property is determined by whether said property is considered “marital” or “non-marital.” Marital assets must be divided fair and equally among spouses as these are considered assets accumulated during the time of the marriage. Non-marital assets are usually not divided among spouses. While the law is relatively straightforward, the calculation of each spouse’s interests can be complex and may require assistance from experienced property division attorneys.
When a couple gets divorced in Minnesota, a judge is required to “make a just and equitable division of marital property.” There are several factors the court takes into consideration when deciding how to divide marital property:
There are two basic types of property: real and personal. Real property includes land or homes like cabins, commercial property, or acreage. Personal property is everything else including bank accounts, jewelry, cars, retirement accounts, furniture, etc. The parties must determine what property is considered marital and non-marital and the courts will divide accordingly.
In terms of who gets the house, in most cases homes are considered “marital property” and a judge will divide it between the spouses. A judge may also do the following when dividing the marital home:
In Minnesota, the law requires judges to divide marital debt as well in a divorce proceeding. Similar to assets, debts are considered either joint or separate. Even if one spouse accrued debt during the marriage, a judge could still decide it was an individual debt that only benefited one spouse. However, judges must be fair when allocating debt to each spouse.
There are several other factors to consider when dividing property during a divorce. The attorneys at Barna, Guzy & Steffen can assist you in these matters, so you receive a fair settlement regardless of how complex your situation may be. Contact us today to speak with one of our family law attorneys.
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