Minnesota's Equitable Property Division in Divorce: What You Need to Know

Hey everyone! Did you know that Minnesota follows Equitable Property Division when it comes to divorce? This means that assets and debts are divided fairly, rather than equally like in Community Property states such as Wisconsin. Let's dive into it!

In most cases, divorcing couples agree to divide their debts and assets equally, which makes sense for a harmonious resolution. However, if both parties don't see eye to eye, the court has the power to divide assets and property disproportionately based on the situation. This is known as equitable division. For instance, if one spouse earned significantly more than the other, the court may award a greater share of the marital property to the lower earner or allocate more debt to the higher earner. It's important to note that under the law, a homemaker's contribution to the marital estate is considered substantially equal to that of a wage earner.

But wait, there's more! Nonmarital property also exists, which is owned by one spouse and not the other. This can include gifts, inheritances, personal injury settlements, or assets owned before marriage. Sometimes, an asset may have both marital and non-marital value, adding an extra layer of complexity.

Need assistance with tax issues related to property division, dividing businesses, retirement plans, or even navigating bankruptcy in divorce? We've got you covered! Our experienced team is here to help you prepare for the division of assets and ensure a smooth process.

Don't let the complexities of property division overwhelm you. Reach out to us today and let's work together to find the best solution for your unique situation.