Property division is a very important component of divorce, and it is often one of the most complicated and highly contested issues. Because the division of your marital property lays the groundwork for your post-divorce financial future, working closely with an experienced Minnesota divorce attorney is always well-advised.
In the State of Minnesota, marital property is not necessarily divided equally between divorcing spouses but is, instead, divided in a manner that is considered just and equitable – or fair – given the circumstances involved. This leaves considerable room for negotiations. Ultimately, property division in your divorce will concern itself with those assets that are marital, which are any assets that you acquired while you were married – regardless of who made the purchase or whose name is on the title, lease, or deed. That property that either of you brings into the marriage with you and keeps separate throughout, however, shouldn’t factor in, but keeping properties separate throughout a marriage can be a tall order.
If you and your divorcing spouse can come to an agreement on dividing your marital assets, the court will almost certainly incorporate your decisions into your divorce terms. It’s important to note that you won’t be alone on this journey – your divorce attorney will help guide your negotiations in order to ensure that your financial rights are well protected. There are also alternative dispute resolution (ADR) options, such as mediation. Even couples’ whose finances are quite straightforward can run into serious snags when it comes to the division of their marital property, but some factors that are universally complicating include:
If you and your divorcing spouse are unable to come to a consensus regarding the division of your marital property, the matter will go before the court. In the course of dividing your marital property equitably, the court will take all of the following factors into consideration (as applicable):
Property division is an important element of your divorce, and the formidable Minnesota divorce attorneys at Atticus Family Law in Duluth have a wealth of impressive experience successfully protecting our clients’ financial rights throughout the divorce process. For more information about how we can also help you, please do not wait to contact us today.
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