When navigating the complexities of divorce, couples frequently ask how they will divide their assets. The answer is not as straightforward in Minnesota as a simple 50/50 split. Understanding how Minnesota divides assets is key for anyone getting a divorce in the state.
Minnesota’s equitable distribution law
Minnesota divides marital property fairly, though not always equally. The court considers factors like:
- The marriage’s length
- Each spouse’s age and health
- Their earning capacities
- Their contributions to the marriage, including homemaking and childcare
Marital and non-marital property
Marital property covers all assets and debts acquired during the marriage, no matter whose name is on the title. This can range from real estate to credit card debts. Non-marital property includes assets obtained before marriage or after the divorce starts. It also encompasses gifts, inheritances, and personal injury settlements awarded to one spouse.
Protecting your assets in a Minnesota divorce
One of the most effective ways to protect your assets is to understand which assets are marital and which are non-marital. A family law attorney can guide you through these differences and protect your rights.
Prenuptial or postnuptial agreements clarify how to divide assets in the event of a divorce. These documents let couples define separate property. They also help avoid long legal disputes over dividing assets.
While Minnesota does not follow a strict 50/50 rule in divorce. The state’s approach seeks to ensure each spouse receives a fair share based on their unique circumstances. Understanding these laws and taking steps to protect your assets can make the process smoother.