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 item of non-marital property.
- Equitable Distribution: Marital property is subject and equitable allocation among the parties — almost always equal.
- Valuation Date: The court will assign a specific date to value all of the assets and debts, for consistency.
- Debts: Treated in the same manner as assets, although some debts are assigned entirely to the party who incurred it, such as gambling debts, student loans and debts incurred following the separation of the parties.
- Dissipation: Parties are precluded from wasting marital assets. The party dissipating an asset will likely be allocated the value of that asset as part of the divorce, even though it no longer exists.
- Concealment: Parties can face serious sanctions if they conceal assets during a divorce. Each must make a complete disclosure of all income, assets and liabilities.
- Balance Sheet: We typically prepare a schedule of all assets and debts, with allocation, to ensure equal division.
If you have a question concerning property division, our lawyers are here to help. Call (763) 323-6555 to arrange a consultation.