How Property Is Divided In Minnesota Divorces
Throughout the course of a divorce, many issues may arise. One often highly argued issue is property division. Spouses want to get the property that they believe is rightfully theirs. Since Minnesota is not a community property state, it is important that clients understand what may be divided, what is marital property, what is separate property and the potential outcome of the case.
At Coodin & Overson, PLLP, our Woodbury-based firm provides comprehensive property division, divorce and family law representation to clients in St. Paul and throughout the Twin Cities metro area. We consult with clients who are dealing with property division issues and provide them with their options for seeking a resolution. Contact us at 651-319-5180 to schedule a free initial consultation with a property division attorney at our firm.
What Is Subject To Division?
Any marital assets are subject to division according to the law of equitable distribution. This means that assets, real property and personal property are divided between the spouses equally and fairly, but not necessarily 50-50. Types of assets and property that may be subject to division include:
- Real property (homes, real estate, rental properties)
- Personal property (cars and other property in the home)
- Retirement accounts (401(k)s)
- Stock options
- Employee bonuses
- Closely held businesses
Marital Vs. Premarital Or Nonmarital Assets
Marital assets: Marital assets consist of real or personal property that is obtained by either spouse or both throughout the course of the marriage and does not fall under any of the exceptions of premarital or nonmarital property. Assets and property do not have to be titled in both spouses’ names to be marital property.
Premarital assets or nonmarital assets: Premarital assets, also referred to as nonmarital assets, consist of real or personal property that is obtained before the marriage, is excluded from marital property by way of a prenuptial or antenuptial agreement, is acquired as a gift or inheritance made to one but not both spouses,; or is obtained after the date of full asset valuation.
Dividing assets and debts can be a complex process. To learn more about property division concerns in Minnesota or about the issues related to IRS tax debt after a divorce, read our related articles.
Contact A St. Paul Property Division Lawyer Today
It is important that you understand property division and how it may affect your ability to retain the property and assets that you deserve. We may be able to negotiate a property settlement with the other party. To learn more about real property division, 401(k) division or other asset division issues from a knowledgeable attorney at our office, contact us today and schedule a free initial consultation.