Navigating divorce in Minnesota can be scary and full of uncertainties. However, once you are able to gain familiarity with marital asset division, you can embrace the complexity of the process with more confidence and better insight.
How is marital property divided in Minnesota?
Under the state of Minnesota, the division of property is determined by the courts through the equitable distribution model. This principle aims for a fair division of the couple’s marital property, but not necessarily 50/50. Instead, they will evaluate it in a manner that is deemed fair for both sides of the party. The primary factors will include:
- Length of marriage
- Sources of income
- Homemaking contributions
- Age and health of each spouse
- Vocational skills
- Custodial parent status
Since Minnesota’s divorce laws only divide marital property, this means each spouse will most likely keep their separate property, so long as it does not become commingled (e.g., put into a joint account) with a marital asset.
What assets fall under marital property?
Also known as community property, this is all assets acquired by either spouse during the length of their marriage. Some types of community property include:
- Real estate
- Earned income from employment
- Personal property
- Joint bank accounts
- Retirement accounts
- Business properties
- Mortgage payments
- Any existing debts or loans
What steps can you take to resolve conflict?
In cases of disagreements over marital asset division, child support or child custody arrangements, divorcing couples can turn to mediation as an alternative dispute resolution process. This method is usually cost-efficient and offers more privacy.
However, in complicated situations where the couple cannot move past their differences, they can try to reach a settlement through trial, also known as litigation.
You are not alone on this journey
Managing your divorce can be an emotionally exhausting and rigorous process to go through alone. By seeking guidance from a dedicated legal counsel, you can protect your rights and achieve a fair division of property.