For Minnesota spouses who are going through a divorce, the property division process can be confusing and stressful. For couples who were married for many years, untangling the assets and property interests acquired over a lifetime together is no easy task. The process can become even more complex if the couple owned a business together; if they have a great deal of wealth; or if one spouse suspects the other of hiding or dissipating marital assets.
Minnesota courts divide all marital property on an equitable basis. Some people may be surprised to know that titling an asset in only their own name generally makes no difference in property division. If an asset was acquired by either spouse while the couple was married, it will be presumed to be marital property unless one spouse can prove otherwise. Assets that can be classified as non-marital property include those inherited from a deceased person or received as a gift to only one spouse.
Before assets can be divided their value must be ascertained. Valuation can be a challenging task, especially with respect to retirement accounts, business assets, investments and assets that may have increased – or decreased – in value over time.
It’s important for any spouse going through a divorce to understand their rights when it comes to property division. At our law firm we attempt to make the process easier. We understand complex valuation issues, and Minnesota property law can provide a real advantage. At the law firm of Sheridan & Dulas, P.A., we attempt to help our clients get a fair result in the property division process.