Minneapolis Property Division Attorney

As part of a divorce, the parties will need to divide the property acquired before, during and, to some extent, after the marriage. This involves determining what property is “marital” and what is “non-marital” and includes all assets owned by the parties, including real estate, retirement plans, vehicles, and other assets. The parties must also divide marital debt.

Marital and Non Marital Property

In general, “marital property” means property acquired by the parties during the marriage. With certain exceptions, all property acquired by either spouse during the marriage is presumed to be marital property regardless of whether title is held individually or by the spouses jointly. This also applies to debts.

“Nonmarital property” means property real or personal, acquired by either spouse, which is:

  • acquired as a gift, bequest, devise or inheritance made by a third party to one but not to the other spouse;
  • acquired before the marriage;
  • acquired by a spouse after the valuation date; or
  • excluded by a valid antenuptial contract.

Keep in mind that these are general rules, and that there are many ways in which otherwise-nonmarital property may be considered marital, in whole or in part, under the facts of any particular case.  Call one of our family law attorneys today at (763) 315-1100 for a free consultation to discuss the property issues involved in your divorce.

Distribution of Property

Marital property must be divided “equitably,” which usually means equally.  However, sometimes circumstances exist which would justify one spouse or the other receiving a greater share. The court will consider the following factors when determining the distribution of property:

  • The duration of the marriage
  • If either party has been married before
  • The age, health and stability of each spouse
  • The source of income, occupation, vocational skills, employability of each spouse to estimate future assets and income of each spouse
  • The needs, opportunities and liabilities of each spouse
  • The contribution of each spouse to the property
  • The contribution of a spouse as a homemaker

The court may also consider whether one party, without consent of the other, has transferred, encumbered, concealed, or disposed of marital assets during the divorce or in contemplation of commencing a divorce, except in the usual course of business or for the necessities of life. If so, the court will try to compensate the other party by placing both parties in the same position they would have been in had the transfer, encumbrance, concealment, or disposal not occurred.

Property and Asset Division

Many assets cannot simply be divided in half. Other assets are not easily converted to cash.  In order to achieve an equitable division, the parties may “trade” one item or interest for another, sell the property and divide the proceeds, let one spouse “buy out” the other, or balance one group of items against another group of more or less equal value. Our family law attorneys will work hard to protect your interests in the division of marital assets as well as find creative and cost-effective ideas to help you and your spouse agree on how things may be divided.

Contact Us for a Free Consultation

If you are facing a property or debt allocation issues in your divorce, contact our office for a free consultation with one of our family law attorneys. We will work hard to ensure that the the property and debt division ordered in your case is fair under the circumstances. Choose the Minnesota family law firm that always puts you first – contact Myles A. Schneider & Associates, Ltd. at 763-315-1100.  If you wish, you may dial our family law attorney directly:

Twin Cities Property Debt Division Attorneys and Lawyers

Myles A. Schneider & Associates, Ltd. represent clients from throughout the areas of Minneapolis, St.Paul, MN or anywhere in the whole Twin Cities area – Saint Paul, MN Mpls, Anoka, Apple Valley, Andover, Blaine, Bloomington, Brooklyn Center, Brooklyn Park, Burnsville, Champlin, Chanhassen, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Eagan, Eden Prairie, Edina, Excelsior, Falcon Heights, Farmington,  Forest Lake, Fridley, Golden Valley, Hastings, Hopkins, Inver Grove Heights, Lake Elmo, Lakeville, Lino Lakes, Little Canada, Long Lake, Mahtomedi, Maple Grove, Maplewood, Mendota Heights, Minneapolis, Minnetonka, Mounds View, New Hope, North St. Paul, Oakdale, Plymouth, Prior Lake, Richfield, Robbinsdale, Rogers, Rosemount, Roseville, St. Anthony, St. Louis Park, Savage, Shakopee, Shoreview, South St. Paul, Spring Lake Park, Stillwater, Vadnais Heights, West St. Paul, White Bear Lake, and Woodbury, MN – Minnesota.