Minnesota Divorce AttorneysProperty Division During Divorce

Property Division During Divorce

Minnesota Divorce Attorneys

Overview

Property Division during a divorce can be relatively straightforward, or it can be more complicated, depending on the value and number of assets the divorcing couple has. Generally, property acquired by one spouse prior to marriage is non-marital property that will not be subject to division during a divorce. Retirement plans, pensions, investments, and business assets may be subject to division depending on a number of factors.

Our Minnesota Divorce Attorneys can help you understand how property is divided and advise you how to move forward strategically. Read more information below, or call 651-647-0087 to schedule a consultation with a lawyer from our Minneapolis, St. Paul or Eden Prairie offices.

Division of Marital Assets and Debts

In Minnesota, a court must make a just and equitable division of marital assets (including debt) without regard to marital misconduct during a divorce. In other words, how a party conducts him/herself during a marriage will not typically impact his/her share of the marital property.

Minnesota Marital Property Laws

The court distinguishes property in a divorce proceeding in two categories: marital and non-marital property.

Business Valuations

If a business is owned by one or both of the parties, it is a good idea to get a business valuation from a private expert. If the business was acquired during the marriage or if it was operating during the marriage, it is a marital asset regardless of who actually owns the business on paper.

Retirement Plans / 401k Plans

If one spouse earns retirement benefits during a marriage, the other spouse has a marital interest in those assets. In other words, retirement accounts are subject to division following a divorce even if the account (e.g. pensions, 401(k) or 403(b) plans, traditional IRAs, and Roth-IRA) is only in one spouse’s name.

If you or your spouse has a pension, it might be subject to division during a divorce. Pensions are structured so that the recipient receives a set amount of money per month after retirement. This is different than a 401(k) plan, for example, where the recipient has access to a lump sum at retirement age.

If you or your spouse have any investments, they may be subject to division during a divorce regardless of whose name is attached to the investment. Investments come in many forms, including, bonds, stocks, and real estate.