Asset Division in a Minnesota Divorce
The division of marital assets is a crucial part of your divorce. How your valuable investments, property and possessions are divided has a tremendous effect on your life as you move forward and seek to stabilize your financial life. If you have real estate or other complex assets, it is imperative that you seek the assistance of a knowledgeable family law attorney.
Minnesota courts consider a variety of factors set forth in Minn. Stat. §518.58 in determining how to divide property and assets during a divorce. It is important to note that Minnesota law dictates that property be divided equitably and not necessarily equally. As such, the relevant factors for property division include:
- The length of the marriage
- Any prior marriage of a party
- The age, health, station, occupation, amount and sources of income of each party
- Vocational skills and employability
- Estate, liabilities, needs and opportunity for future acquisition of capital assets for each party
- The income of each party
- The contribution of each party in the acquisition, preservation, depreciation or appreciation in the amount or value of the marital property
- The contribution of a spouse as a homemaker
When you are going through a divorce, it is essential to have seasoned family law attorneys on your side. Dividing personal property such as clothes and household items is usually fairly simple, but as the value of the items increase, so do the disputes. An attorney can accurately evaluate complex assets such as real estate, ownership interests in a business, pension plans, retirement accounts and other investments.
At Appelhof, Pfeifer & Hart, P.A., we closely examine your spouse's property disclosure, verifying every detail to make certain he or she is providing a complete disclosure of assets.