Property Division
When going through a divorce, courts consider two types of property when reaching a settlement – marital property and non-marital property. Marital property refers to property and assets acquired during the marriage. When property is acquired during the marriage, courts do not make a distinction based on whose name is on the title or who claims ownership. The property is considered to belong to both spouses.
Non-marital property, on the other hand, refers to property that either spouse acquired before marriage or after the marriage is dissolved. Non-marital property can, however, refer to some properties acquired during the existence of the marriage if it follows certain guidelines. Those guidelines include the following:
- Property that was a gift or inheritance for one spouse from a third party.
- Property acquired after the valuation date.
- Property excluded based on a prenuptial agreement.
Property division in a divorce can be confusing and time-consuming. Our Twin Cities property division attorneys can help you by representing your best interests in court.
Distributing Marital Property Equally
In most divorces, marital property is distributed equally between each spouse. Similarly, debts acquired as a couple are also divided equally regardless of which party acquires the most debt. There are also times when the court divides non-marital property between both parties depending on the circumstances of the case. Sometimes, however, the court may distribute the property unequally between the parties. This may happen based on the following factors:
- How long the marriage lasted
- The number of prior marriages for one of the spouses
- The income source, skills, needs and future opportunities of one of the parties.
- A spouse’s obligation as a homemaker.
When courts divide property, they generally require assets to be appraised to make sure each spouse gets an equitable share. This could include trades, selling assets, and splitting money or making agreements to ensure both parties receive their fair and equitable share.
Free Consultation
Call our Minnesota divorce lawyers today at 651-647-0087 to get a free consultation regarding your divorce and distribution of property. Our family law attorneys will ensure you get a fair property division settlement so you receive what you are entitled to in your divorce.
Read property division statute: link
