How Is Property Divided In A Minnesota Divorce?

Property division is one of the most important aspects of any divorce. Generally, the Court will divide the marital property so that each party will receive approximately 50 % the value.

At Frieders & Kuhn, L.L.P., we use our decades of experience to help you protect the assets that are important to you. Our lawyers serve clients in Rochester and all of southeastern Minnesota in all matters related to family law.

What Is Marital Property In Minnesota?

Marital property includes assets such as real estate, savings accounts, pensions and retirement accounts, stocks and investments that were acquired during the marriage. The timing of an asset’s acquisition is a key element in determining whether it is considered marital or nonmarital property.

Minnesota Statute 518.003 defines marital and nonmarital property. Marital property is virtually all property acquired during the marriage. Gifts and inheritances or property carved out by premarital agreements may be considered to be nonmarital property.

Property acquired prior to the marriage, gifts and inheritances may also be nonmarital property. Assets may be partially marital and partially nonmarital. It is important to work with an attorney that is skilled at tracing nonmarital assets.

What Is Equitable Distribution?

Equitable distribution is the fair, (and usually equal), division of assets during a divorce. Determining what is fair when it comes to divorce property division means carefully reviewing the financial standing of each spouse and how the divorce will impact each spouse’s ability to earn a living. Some of the key aspects that may be considered include:

•  Identifying the assets
• The value of the assets
• The tax consequences associated with the asset

Asset distribution can be complex, which is why it’s so important to have an experienced family law attorney on your side.

For A Fair Divorce Settlement, Call Us Today

At Frieders & Kuhn, L.L.P., we work hard to see that our clients obtain fair divorce settlements. Your contribution to the marriage should be taken into account. Call us today at 507-414-5558 or email to discuss your case in more detail.