Parenting time and custody may seem like natural areas of contention, but sometimes, the nastiest divorces spiral out of control due to disagreements regarding property division. This ordeal can be frustrating even when spouses part on amicable terms. In the interest of clarity, we’ve highlighted a few of the specific aspects of property division worth considering as a Minnesota resident in the midst of divorce:
The Role of Equitable Distribution
Minnesota divorces abide by the concept of equitable distribution, in which the division of marital property may not always prove exactly equal — but it should be fair.
Equitable distribution can allow for a more flexible approach to property division, but it comes with its own share of complications. It takes considerable time to delve into the many factors that can make a particular distribution ‘fair.’ Key elements may include:
- The length of the marriage
- The income of each spouse
- How custody and parenting time are handled
Personal Versus Marital Property
Further complications can arise when attempting to determine what, exactly, constitutes personal property — and which assets qualify as marital property. While this concept may initially seem straightforward for items owned prior to marriage, it can quickly grow confusing when business assets or commingling come into play.
Distribution of Property During a Pending Divorce
If the court gets extensively involved in property division, the sale of the couple’s home or other marital assets could be ordered during the divorce process. This may be deemed necessary by the court — but it could bring even more chaos to an already stressful dissolution.
As you deal with the complications of property division, look to the team at the law firm of Barna, Guzy & Steffen, Ltd. for support. We can help you secure a fair division of assets that takes your long-term needs and preferences into account. Reach out today to get started.