Offering Strategic, Honest Counsel In Complex Property Division Matters
One of the most complex issues in many divorces involves equitably dividing marital property. This can be true when the parties have accumulated a number of assets or own unique assets, such as a closely held corporation or family-owned company.
The division of marital property involves a number of factors and can involve many intricate issues. It is impossible to understate the importance of working with an experienced family law attorney in these matters. The Edina law firm of Jensen Law Offices has successfully represented many individuals through a variety of family law matters, including the marital property division process. Our attorneys offer strategic, candid counsel designed to help you reach your goals and move past this difficult time.
Understanding Marital Property Division In Minnesota
In Minnesota, courts are required to divide all marital property equitably. It is important to understand that equitably does not necessarily mean equally, although courts will generally make efforts to divide an estate as equally as possible. Our law firm is able to address all of the potentially complex issues in property division, such as:
- Determining whether a specific asset constitutes “marital property” – In Minnesota, all property is presumed to be marital property. If you have property that you believe to be separate from your marital estate, you have the burden of proving that a particular asset is not marital property.
- Determining the value of marital property – When one or both spouses own a professional business or own shares in small corporations, stocks, pension plans, stock options or other assets, it can be difficult to establish the correct value for these assets. Our lawyers work with experts to determine the appropriate value of any unique assets.
- Determining the appropriate date to value a piece of property – Certain assets are subject to real fluctuation. It is not difficult to see that time can dramatically change the value of an asset.
Our law firm understands how to efficiently and effectively evaluate your marital estate and work to an equitable solution. In the majority of cases, negotiations or alternate forms of dispute resolution, such as mediation, can lead to fruitful results. If these forums cannot achieve your goals, we will be prepared to make a compelling case before a judge.
Answering Your Asset Division Questions
Because each asset separation case is unique, our clients often have a lot of questions about their individual cases. To help you get the information you need sooner, we took the liberty of answering some of the most common questions our clients have here:
Do I need my name on the title to have an ownership interest?
If you and your spouse acquired an asset during your marriage, like a home, boat or other property, and your name is not on the title, it is still likely that it qualifies as marital property, entitling you to a portion of it. However, if the asset was acquired before the marriage, it may be more difficult to claim ownership interest.
Do retirement accounts divide in a divorce?
Retirement accounts are subject to asset division in a divorce, but only the portion that was gained during the length of the marriage. A Qualified Domestic Relations Order (QDRO) is necessary to separate the accounts in an appropriate manner that meets the requirements of the divorce decree. It is possible to negotiate for an outcome that allows you to keep all of your retirement assets, but it is often difficult to achieve.
Will I lose half of my inheritance?
Assets that were given to a specific spouse during the marriage are often considered nonmarital by a court. Common examples of this situation include both gifts and inheritance. If you add your inheritance to a shared account, however, it can be difficult to determine how much of that account solely belongs to you. Keeping evidence of an asset being a gift can also help you keep that asset through your divorce as well.