In terms of dividing the assets and liabilities of the parties following divorce, the first step in the analysis involves determining which assets are “marital” and which assets are “non-marital.”
Simply stated, marital assets are those acquired during the marriage, through marital efforts. Non-marital assets are those that one spouse: (1) brings into the marriage;
At the end of the day, the vast majority of divorces in Minnesota result in an equal division of the marital estate (those assets and liabilities incurred, or accrued, during the marriage.
“Equal division,” however, is not the relevant standard. Pursuant to Minn. Stat. Sec. 518.58, the Court must make a “just and equitable division
In the vast majority of the divorce cases we handle, the parties own real property. Sometimes that property is a primary residence, while other times the property takes the form of a lake cabin, vacation home, investment property or business property.
Generally speaking, the equity resting in each piece of real estate is subject to
A divorce is a very difficult process. Typically there will be disagreement on parenting issues and finance. One asset the is usually deemed the most valuable within a divorce is a business. It is crucial to understand the various ways to appraise a business, if you own one. There are three common approaches to having a business appraised: The asset approach: Based on the value of the assets and liabilities of your business, including tangible and intangible assets. The income approach: Estimates the value of the business through expected …
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Most divorces involve some type of division of property. However, not all assets or property are subject to division. Part of the divorce process explores the property of each party to determine what exactly needs to be divided. During this process, property is labeled as either “marital” or “non-marital.” Determining whether property is marital or non-marital is crucial in a divorce. In general, non-marital property will not be part of the “equitable” distribution between the parties. Non-marital property, as its name suggests, is property that …
Continue Reading The Distinction Between Marital and Non-Marital Property Interests
A divorce doesn’t just involve the two spouses and their lawyers. In any divorce proceeding, there are a variety of legal factors involved. The more issues present, the more experts will generally need to be involved. Some of the typical roles in a divorce include a home appraiser, custody evaluator, vocational assessor, business appraiser, and an actuary. The number of experts present will obviously increase the overall cost of the divorce, but they will also ensure that the proceedings are as fair as possible. A home appraiser is the most common …
Property division in Minnesota family court typically results in each party receiving an equal share of the marital estate. Here are some key provisions concerning the allocation of assets and debts as part of a divorce in Minnesota: Marital Property: Property acquired by the parties, during the marriage, through marital efforts. Non Marital Property: Property brought into a marriage by one spouse, acquired during the marriage as a gift or inheritance to one spouse, not the other, or property acquired during the marriage in exchange for another …
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In order to determine your best option concerning the marital homestead, it is important to understand what it costs to live in the house on a monthly basis and the value of the marital equity in the homestead.
Continue Reading What Should I Do With The House as Part of the Divorce?
As more and more counties adopt the early neutral evaluation model, fewer divorce litigants face the prospect of a motion for temporary relief. A decade ago, nearly every party to a divorce would seek some sort of temporary order from the judge, given the fact that few alternatives were available for immediate structured debate and discussion concerning issues like custody, parenting time, child support, property division and spousal maintenance.
Continue Reading The Process of Filing a Motion for Temporary Relief in Minnesota Divorce Court
Many of our current and former clients are entrepreneurs – owners of small businesses, including restaurants, hair salons, trucking entities, vending services, auto repair shops, construction companies and web design firms. Important to keep in mind that even if the business was started and managed by just one spouse, it may be “marital” in nature.