How Are Assets Divided in Minnesota?

If you are facing a divorce in Minnesota, there are a range of terms that you will need to address, but one of the most important is the division of your marital property, which can also be one of the most contentious. To help ensure that the division of your marital assets supports your financial rights, working with an experienced Minnesota divorce attorney is always well-advised. 

The Division of Marital Assets

In Minnesota, marital assets must be distributed between divorcing spouses equitably, which amounts to dividing them – or their value – fairly in relation to the involved circumstances. As such, the division of marital property can be equal, but this is not necessarily the case. 

Is It a Marital Property?

If the asset in question was acquired by you, your spouse, or both of you during the course of your marriage, it is almost certainly a marital asset. The two primary exceptions include:

• Gifts either of you received in your name only
• Inheritances either of you received in your name only

Those properties that you or your spouse owned prior to marriage are considered separate assets, but their separate nature can quickly be erased if they become intermingled with marital assets. 

The Factors Taken into Consideration

If you and your spouse are able to negotiate a division of marital property that works for both of you, the court will very likely sign off on this division. If you’re not able to do so, however, the court will take factors such as the following into careful consideration in the matter:

• The contributions each of you made to your overall marital assets
• The contributions each of you made in terms of caring for your home and children
• Your overall physical and mental health and well-being, along with your spouse’s
• The age of both you and your spouse
• The employment status, current income, and earning potential into the future of both you and your spouse
• The duration of your marriage
• Any dissipation of marital assets by either spouse, including if – for example – your spouse used marital assets to conduct an affair
• Any other considerations the court deems relevant to the case at hand 

A Note about Prenuptial Agreements

If you and your spouse have a valid prenuptial – or postnuptial – agreement in place that addresses the division of your marital property, the terms included will prevail. The same is true if this contract addresses how infidelity or another form of wrongdoing will affect the division of your marital property. Generally, wrongdoing doesn’t play a direct role in these determinations, but a solid prenuptial agreement can change that. 

An Experienced Minnesota Divorce Attorney Is Standing by to Help

The fair division of your marital property can play a critical role in your financial future, which makes protecting your rights from the outset critical. The seasoned Minnesota divorce attorneys at Atticus Family Law are well prepared to harness the full intensity of their experience and legal skill in pursuit of your case’s best possible resolution. To learn more, please don’t wait to contact us today.