A divorce is not just the legal separation of two persons who were in a marriage. It can also have several other implications such as the division of property, child custody, spousal maintenance, etc. |
This three-part series explores the various aspects related to division of property in a Minnesota divorce. A good divorce lawyer in Minnesota should always be approached for detailed consultation on any or all of the aspects covered herein.
Family law followed by Minnesota courts do not necessarily imply that property belonging to persons filing for divorce be evenly divided. Although Minnesota is an equitable property state, the division of property will take into account many factors such as origin of property, parties’ interest in the property and legal heirs to the property.
Marital property and its division
Any property that you have acquired while you were married is known as marital property. This could include both personal as well as real property. Such property is valuated to understand the worth of the property for appropriate division. Some of the factors considered for division of marital property include: •The entire duration for which the marriage lasted. •Whether there was any previous marriage for any of the parties who have filed an application for divorce. •The age and health of both the spouses. •The economic situation of both parties as well as their present occupation. •Their incomes •Their needs and liabilities •Contributions made by the parties during the marriage.
Non-Marital property and its division
In a Minnesota divorce, courts also give consideration to the existence of non-marital property. Non-marital property is any property that has been acquired by either of the spouses singly. •Non-marital property could be because of a gift, devise, inheritance or bequest to one of them by a third party. •It could also mean property that has been acquired before the marriage. Although division of non-marital property is rarely seen, Minnesota courts do hold the authority to decide upon such division if the need arises.
Division of Real Property
The home occupied by the parties to the divorce can become a bone of contention between the spouses. Apart from child custody, it also becomes necessary to decide who will be awarded occupancy of the home. Legal opinion may differ in different cases.
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