Property and asset division is a part of the divorce process and so is the division of debts. What this consists of is dividing property that was acquired during the marriage, which means it has to first be determined what belongs to who and which assets are marital assets and which aren’t. There are times when spouses acquire assets before marriage, which may not be a part of the division of property although the division may be done in a way that considers how much each party owns.
If you are going through a divorce, it is ideal to have an attorney working with you who is highly knowledgeable in the division of property, assets, and debts. That way you can ensure you report everything as required and you can also appropriately make your demands for what you want in the divorce settlement. The idea is to make the process move as smoothly as possible for you so you can concentrate on the decisions that need to be made rather than the confusion that can ensue.
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Marital property is property that was acquired during the marriage, so this means that all property acquired by the two spouses during the marriage is considered marital property. It doesn’t matter if the title of the property is held by just one or if the couple jointly owns the property, it is considered marital. Non-marital property is defined as the following:
- Property that was acquired before the marriage
- Property received as a part of an inheritance made by a third party to just one spouse
- Property excluded in a prenuptial agreement
- Property acquired by one spouse after the valuation date
Where the burden lies is in the proving of what is marital property and what is non-marital. There are some cases where an asset may have both marital and non-marital components. For example, real estate, retirement plans, and student loans can be considered as such.
Guiding You Through The Property Division Process
To make sure this process is not as stressful as it could be, your Minneapolis family law lawyer will guide you through the process from start to finish. This includes making sure you gather all information about your assets, property, and debts.
It is important to keep in mind that the division is “equitable” and that means it is almost always equally divided, but it is possible it may not be. There are times when unequal distribution of property and/or debt is considered, but it is considered carefully by looking at certain factors. Those factors include the length of the marriage, if either party has been married before, income source, vocational skills, the contribution of each spouse in the acquisition of property, depreciation of property, and the contribution of one spouse as a homemaker. Your attorney will review everything with you so that you have a firm understanding of how the process will work in your case.
Contact A Minneapolis Family Law Attorney
Dividing property and assets can be a part of a divorce. In Minnesota, assets and debts are divided equitably instead of equally based on the financial standing of each party. To ensure that you follow the process the way that it should be and that all of your information is provided, you need an experienced attorney by your side. To learn more about your rights and options, call the Olson Law Firm at 612-816-2322 to schedule a free consultation.