Our attorneys have experience handing the division of property ranging from low monetary value to high value assets. What property or assets that are important to you may not be important to someone else in similar circumstances. Our attorneys can help settle property disputes, the division of assets, and address non-marital assets or property.
The division of assets and debts is a major part of the divorce process, which is why it is imperative to have an experienced Minneapolis divorce attorney representing your interests so you can receive the best possible outcome in this phase of the divorce and at the conclusion of the entire divorce process.
In Minnesota, the parties can expect equitable division of assets and liabilities. Equitable division means that the assets and debts are divided in a fair way, but it isn’t necessarily an even split between the spouses. Everything from the income of the parties and how much they owned prior to the marriage is evaluated when determining how assets and liabilities are to be divided.
MARITAL AND NON-MARITAL PROPERTY
Marital property and debts involve everything that was acquired during the marriage. It doesn’t matter if an asset or liability is solely in the name of one spouse or the other, it is considered a marital debt or asset and can be given to either party. Examples of marital property and debts include:
- Investment accounts
- Retirement accounts
- Bank accounts
- Real property, such as a vacation property or cabin
- Airline miles
- Credit card debt
Non-marital assets and debts are those that were incurred before the marriage. Certain assets that were acquired during the marriage can be excluded as marital property, such as property that was inherited by one of the spouses or property that was gifted specifically to one spouse.