Much like the thought that goes into marital preparations, many go into ending a Minnesota marriage. Whether a marriage lasted several decades or only a few years, it is likely that many things were brought into the marriage as accumulated during the union. This can complicate the process because it can be difficult to determine what belongs to which spouse and who is entitled to what.
When initiating the property division process, divorcing couples need to ask themselves a few questions. This will not only ease the process, but will also ensure that his or her rights and interests are protected along the way. Once dissolution has been filed for and the couple has decided what method is most suitable for them, such as mediation or litigation, the couple must consider important questions.
Is there a prenuptial or postnuptial agreement? If there is, this legal document will likely control most, if not all, of the property division process. If no such document exists, the status of all assets and property must be determined. In order to make such a complex and often-lengthy assessment, divorcing couples rely on financial experts. This helps the spouses identify what is marital property and separate property.
Large or major assets and property, such as business assets and real property, should be properly assigned. It is likely that specific steps were taken to protect these assets. But, if they did not occur, these assets will need to be divided according to state law, if they are deemed marital property.
In addition to determining what assets and properties are up of marital distribution, the value of these items should be determined. This will help ensure a fair division occurs. For this matter, a financial expert could also be helpful.
While there are many considerations and questions in the property division process, divorcing spouses should not let that deter them from reaching a fair and workable resolution. Those going through this or any other divorce issue should seek guidance from a legal expert. This will ensure your rights and interests are protected in the matter.
Source: The Huffington Post, “A Few Questions to Consider in Divorce Property Division Situations,” Brad Reid, June 29, 2016