Burnsville Property Division Lawyer
How Is Marital & Non-Marital Property Divided In a Minnesota Divorce?
During the property division process, the first step is to determine what of your property is nonmarital and what is marital.
- Essentially, marital property is any type of property that was bought or accumulated during the time you were married.
- Nonmarital property is any type of property which you owned or purchased before the marriage or anything you received (by inheritance or gift) during the marriage.
Once we have assessed and categorized the assets and debt that are "marital" the property will be equitably divided, the following types of marital property will need to be divided:
- Bank accounts
- Businesses
- Stocks
- 401(k) accounts
- Real property
- Art and valuables
Our team of property division attorneys can walk you through this complex process. To learn more about how our property division lawyer can help with property division, call us at (952) 777-8886 today or fill out our online contact form.
Equitable vs Community Property Division
Minnesota does not follow community property laws which enforces all marital assets to be split 50/50 during divorces or legal separations. In the state of Minnesota, property division is handled equitably which means that many different factors will be considered and the judge will attempt to make the split fair. If you and your spouse are thinking about splitting up, you may be concerned about protecting your assets as many times equitable distribution favors one partner over the other.
At Meinerts Law, we understand that this can be a valid concern, regardless of whether you are going through a high asset divorce or not. We know that you may have specific types of property you want to hold onto and we are here to give you the best possible chance of doing so. If you are unable to decide who will get what between you and your spouse and do not want to leave the decision up to the judge, you can also choose to sell some of the marital property and then split the proceeds.
Contact us now to make an appointment with our dedicated team.