One of the more complicated aspects of divorce can be dividing up the marital property. The first step is figuring out exactly what property you own together and what you may own separately.
Marital property is defined as any real or personal property acquired during the marriage.
Non-marital property is defined as any real or personal property acquired by either spouse before, during or after a marriage which is:
- acquired as a gift or inheritance by a third party to one spouse but not the other;
- acquired before the marriage;
- is acquired by a spouse after the valuation date;
- is excluded by a valid prenuptial agreement; or
- is in exchange for or is the increase in value of separate property.
The second step is determining an accurate value for the property. Many asset values can be determined by appraisals or statement of accounts. Businesses or stock options or intellectual property are more complicated to value and we team up with financial professionals and business valuators to get the most accurate figures.
The third step is to divide the property. Minnesota is an “equitable distribution” state, which means that property will be divided fairly. Fair does not always mean equal. We will assist you in getting a thorough accounting of all of your property and advocate for your fair share.