MENUMinneapolis Property Division Lawyer
Property division is a step that tends to occur in divorce, as it involves the division of property and debt between the two parties. The process can be simple or it can be difficult, depending on how much the parties agree or disagree on the division of property.
The first step of the process involves determining what is considered marital property and what is considered non-marital property. At times, the task can be difficult. However, a Minneapolis & St. Paul divorce lawyer can help you throughout the entire divorce process, including the property division portion so that the best conclusion can be reached.
Helping You Review Your Property
Marital property is defined as property that is acquired during the marital relationship. All of this type of property is acquired during the marriage by either spouse. It doesn’t matter if the property to a piece of property is held individually or by both, it is considered marital.
Non-marital property is property that was acquired outside of the marriage. However, some of this type of property can be acquired during the marriage, such as when it is a gift made by a third party. Other types of non-marital property include:
- Property excluded through a prenuptial agreement
- Property that is acquired after the valuation date
- Property that was acquired before the marriage
The party making the claim has the burden of proving that property is non-marital.
Straightforward & Honest Advice
When it comes to property division, the advice that is received is very important because it helps you make informed decisions. When you are able to resolve some issues through agreement, you may be able to compromise with your spouse on others. Having an experienced Minnesota divorce lawyer helping you through the process every step of the way will help a great deal.
Nonetheless, there are times when the judge has to decide. One rule of thumb is that property is divided equitably, which means it is almost equally. Just because one party may have incurred more debt than the other doesn’t mean that it won’t be equally divided. The court may also be in a position where it needs to divide non-marital property. Equitable distribution is based on the following factors: length of the marriage, any previous marriages of either party, income sources, occupation, health, age, employability, contribution of each in the acquisition of the property, depreciation, and contribution of the homemaking spouse. These are just some of the factors that are considered in property division.
Contact A Minneapolis & St. Paul Divorce Attorney
Property division is one of the most complicated aspects of divorce. This is because it involves dividing assets and debts between the two parties. In order to move the process along smoothly and to effectively argue for possession of a specific asset, the assistance of an attorney can be very beneficial. To learn more about your rights and options, call Gilbert Alden PLLC at 612-564-3622 for a free consultation.