If you have filed for divorce in Minnesota, you know first hand the issues that may come up while negotiating your divorce settlement. One of the most difficult is property division, as you or your spouse might have become attached to certain items accumulated during the marriage.
Since Minnesota is an equitable division of property state, the judge presiding over the case determines who receives what after carefully considering certain factors. Not only is it helpful to understand how the process works, but to know exactly what marital property is so you can receive everything you deserve in the final settlement.
What is marital property?
When thinking of marital property, the family home, furniture, vehicles and bank account contents may come to mind. Yet, there are other, less-common items that are marital property and should be divided in the settlement as well, according to the Financial Times. Marital property includes all of the following:
- Intellectual property, such as patents, trademarks and copyrights
- Travel reward miles and other loyalty points
- Memberships to exclusive country clubs and golf courses
- Retirement plans, 401k plans, stocks, money market accounts and term life insurance policies
- Lottery ticket winnings and income tax refunds
- Gifts exchanged between spouses
If you or your spouse loaned money to a third-party, you may receive half once it is repaid. Remember to include expensive collections, such as classic cars, coins, art, wine and antiques. Both parties must disclose all property in their possession during the property division process.
How to account for all marital property
While you may know all the marital property that is in your possession, your spouse may be hiding items. Attempt to make a list of all property items amassed during the marriage while you still share a home. If you live in separate homes, try to remember assets you shared during the marriage. You may be able to negotiate settlements through mediation and customize an agreement based on the unique circumstances of your situation. Otherwise, the judge may have the final say in traditional courtroom litigation.