The Division of Assets through Divorce in Minnesota

St. Paul Divorce Lawyer, James D. Capra

The division of marital property is executed through either an agreement between the two parties, or a court order, which typically requires going to trial. A great majority of divorces end in an agreement, or "stipulated decree". When the parties can work towards an agreeable distribution of property, it makes the entire divorce process much more efficient.

Minnesota uses an "equitable distribution" rule to divide the assets between the two parties. While the division of assets does not need to be equal, the goal is to have a fair outcome for both parties. Whether a title to an asset was in one spouses name or both is irrelevant. All assets are assumed to be marital assets unless one of the spouses can prove that it is not. Assets that were acquired, and paid for, by one spouse previous to the marriage can be considered a non marital asset. Inheritances can be considered as non marital asset given only one spouse was named in the inheritance.

The best way to ensure your interests are being protected through a property division process is to have effective representation.

Marital Debt

The distribution of debt through a divorce is at least fairly logical. If the debt was incurred during the course of the marriage, it's considered to be a shared responsibility. Debts that are associated with a benefit to only one of the spouses, an education loan for example, are typically held to be the responsibility of the spouse who received the benefit of the loan. Likewise, debts associated with assets, like a car payment or a house, will typically be the responsibility of the spouse who keeps the associated asset.

With the difficult financial times so many Minnesotans are going through, marital debt can be a more complex issue. Several couples who get divorced are also going through either Chapter 7 or Chapter 13 bankruptcy. While I am not a bankruptcy lawyer, I can help you understand how your bankruptcy and divorce work together, and give you options on how to proceed.

Assets and Accounts and debt | inventory of what you own and owe

Sometimes I talk to people who are afraid that their spouse is either hiding, or intentionally giving an incorrect value of certain assets or accounts. While this can be a difficult issue to work through, it's important to talk to a lawyer about any suspicions you may have. The fact of the matter is that without an accurate accounting of what you own and owe, it's impossible for you to get a fair outcome, financially speaking, when the divorce is finalized.

 

DISCLAIMER: This site is not, nor is it intended to be, legal advice. The only way you can truly receive legal advice is to speak with an attorney about your specific situation. The content on this website aims to be informative to general principles of family law. The application of the law to your specific case is a service that only a legal professional can provide.

The Law Offices of James D. Capra, Located in St. Paul, services the entire Twin Cities area in all areas of Family Law. If you have a question about Divorce, Child Custody or Visitation, Spousal Support, Child Support, Alimony or any other area of family law do not hesitate to contact him. James A. Capra works with family law and divorce clients in Ramsey and Washington County, St. Paul, Oakdale, Woodbury, Maplewood, Apple Valley, Burnsville, Eagan, Dakota County and throughout the Twin Cities area.