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Key considerations when dividing property in Minnesota

On Behalf of | Jul 8, 2019 | Firm News

When going through a divorce, one of the most complex issues to deal with is the division of assets. In Minnesota, community property is not recognized. This means that marital assets are not subject to a 50/50 split between divorcing spouses. Instead, assets are subject to equitable distribution, which means that assets are divided by the courts in a way that is fair and just according to the situation.

If you are facing divorce in Minnesota and you want to ensure that you get the best possible outcome for yourself and your family, it is important that you thoroughly understand the law and that you take the following considerations into account.

Consider whether there are any enforceable agreements in place

Before embarking on the process of asset division, you should consider any enforceable agreements that have been put in place. For example, you may have signed a prenuptial or postnuptial agreement that instructs how assets should be divided. If you are unhappy with these agreements, you may have options to challenge them.

Question whether all property has been identified

Some divorcing spouses can become very calculated, and they may decide to intentionally hide assets from you when the asset division process is taking place. You should be particularly proactive in employing strategies to uncover hidden assets.

Don’t forget about debts

Many people forget that debts, as well as assets, are subject to division at divorce. As well as making a case for why you deserve a significant share of marital assets, you may also want to put forward arguments why you should not acquire a large portion of marital debts.

Think about possible dissipation of assets

If you believe that your divorcing spouse was frivolous or irresponsible with money, you may be able to argue that they should acquire a larger share of marital assets. You may be able to provide evidence of the money they spent on gambling or on an extramarital affair, for example.

If you are going through a divorce in Minnesota, one of your primary concerns should be achieving a fair share of marital assets. By being proactive and by developing strategies early on, you are likely to be successful.