As Minnesota residents may know, nowadays, even marriages that have lasted decades are suddenly ending. Many of these marriages involve a significant amount of assets and dividing them between the spouses can be quite complicated. Fortunately, with your lawyer's assistance, marital property can be easily split with the help of Minnesota's three-step process.
The first step is asset identification. The state automatically assumes that all assets are marital property unless either spouse can prove otherwise. This process can be complex, but a competent lawyer can help if identifying non-marital property is applicable in your case.
The next step is to assign values to the property. This can be done through tax statements as well as assessments by professionals based on common appreciation and depreciation values. If the spouses disagree on the value, a lawyer can collaborate with appraisers and other professionals to help the spouses reach an agreement.
The final -- and probably the most complicated step -- is dividing the property. Minnesota is an equitable distribution state, meaning that assets are divided based on what the court believes is fair. Assets may not necessarily be divided 50/50, although that is typically the starting point. Having a lawyer who has experience with the property division process can help ensure that their client's interests are protected.
There are many types of property to consider -- such as cars, vacation homes, retirement accounts and collectibles -- and they can all be divided in a variety of ways. Some property is worth more than others and it helps to have a legal professional on your side who can help you make the most beneficial decisions. Learn more about the property division process in Minnesota on our information page and how an experienced family law attorney can protect your legal rights.