When walking through a divorce, you will experience changes in multiple areas of your life. You may need to move, or you may have to adjust to a new schedule regarding how often you will see your children. It is difficult to immediately know exactly how your life will change because of your divorce, but you already know that it is important to secure terms that allow you to have security and stability long into the future.
One important element of your future stability is seeking a fair division of all marital property. In Minnesota, the law requires equitable division of property during divorce. This means that you will have a rightful claim to a fair portion of your shared assets, but that does not necessarily mean it will be equal. It is helpful to know what to expect so that you can make thoughtful and intentional choices that will be beneficial for your future.
Equitable division of property and your long-term interests
The principle of equitable division will apply if a court determines how the court will divide your marital property during your divorce. You and the other party have the right to work together to create a property division settlement that is beneficial and practical, but if this is not possible, the matter will go before the court. The court will consider different factors when deciding how to equitably divide property.
These considerations will include the length of the marriage, the contributions each spouse made over the course of the marriage, types of marital assets, standard of living during the marriage, potential earning capacity of each spouse and more. It is critical to remember that, while equitable does mean fair, it does not necessarily mean that you and your spouse will have an exactly equal share of all the assets you shared during your marriage.
Focus on the future
The decisions made during your Minnesota divorce matter. Whether you are going to negotiate an agreement with your spouse, or you will go to court to seek a ruling, you do not have to do it alone. There are significant benefits to having a complete understanding of your rights and options as you consider how to proceed during your divorce. If you are unsure of how to proceed, you may want to start with an assessment of your specific situation.