Legal Help in Determining Marital and Nonmarital Assets
Some assets, such as 401 k and retirement portfolios, are easy to value and divide. Other property, such as a closely held business, will need experts to do a valuation. − Burnsville family law attorney Merlyn Meinerts
Minnesota courts will seek a just and equitable distribution of marital property in divorce. However, this does not mean that assets will be divided fifty-fifty. Financial hardship and other factors can affect marital asset distribution.
At the Meinerts Law Office, P.A. in Burnsville, Minnesota, we will guide you through the process of identifying, valuing and dividing marital assets and liabilities. We will also help you protect your nonmarital property. Lawyer Merlyn Meinerts serves clients throughout the south metro area of the Twin Cities, including Eagan, Apple Valley, Burnsville and Shakopee.
Marital and Nonmarital Property in Minnesota
The first step in property division is determining what is marital property and what is nonmarital property.
Nonmarital property is property owned prior to the marriage or received during the marriage by gift or inheritance. To maintain the status of a nonmarital asset, you must be able to trace the asset from the date of its receipt to the current day. Nonmarital assets are yours to keep, although judges can make an exception in cases of undue hardship.
Marital property is all property accumulated during the marriage other than gifts or inheritances. It includes retirement plans, 401(k) accounts, houses, stocks, businesses, bank accounts, stamp collections and other assets. Valuation thereof may require the use of experts. A house can be valued by a real estate agent or a professional appraiser. A business will be valued by a business valuation expert. A valuation date is selected for property such as 401(k) plans and stock portfolios.
Once the value of marital property is established, the final chore is to allocate the assets and create a balance sheet between the parties. The parties can trade one asset for another, such as the home for a 401(k) account. All trades need to consider the tax implications. Sometimes, an exchange of cash is needed to equalize property division.
For some assets, such as a homestead your child will live in, property division can be deferred to a later time. A marital lien can be used to preserve the other party's interest in the property, to be paid at an agreed-upon date in the future.
Free Consultation With Lawyer Merlyn Meinerts
Give your property division issues the careful attention they deserve. Call Burnsville lawyer Merlyn Meinerts at 952.236.4562 or fill out our simple contact form for a free initial consultation.
