Minnesota law states that you are entitled to fair and equitable division of your marital assets. However, there is a misconception that many divorced couples have and that is that they believe the word “equitable” means that the assets are truly divided equally.
The fact is that equitable has a different definition in Minnesota than what couples think and this is something that they learn when fighting over the marital assets. If an agreement cannot be made on how the assets are to be divided, a judge makes the decision for the couple. Your Eagan divorce lawyer will work hard with you and for you to try to settle asset division outside of a judge’s courtroom so that the judge doesn’t make the decision for you.
What Is Equitable?
More often, the marital assets and the debts are divided down the middle because the two parties agree on a resolution. In most cases, the divorcing couple decides to share everything equally because they did acquire most assets and debts equally during the marriage.
However, there are times that the couple doesn’t agree on equal division. This is when the court has to use its discretion to divide property and assets in an unequal manner if the situation calls for it. For instance, if one party was a more substantial earner than the other who earned a lot less money, the court may decide to award a greater share of the property to the lower wage earner and more debt to the higher wage earner.
Division Of Assets And Debts
It does not matter whose name is on an asset. As long as that asst was acquired during the marriage, it is marital property and division of it is required. There are some exceptions to this. They are:
- If one party received a gift or inheritance during the marriage, that asset is considered the property of the person who inherited it and it is not subject to property division.
- Specific personal injury settlements may also be considered non-marital property and will not be divided.
As far as debts that were acquired during the marriage, they are considered marital obligations no matter who acquired the debt. For instance, you may have a small loan that is in your name, but the balance incurred while you were married, so that makes the balance a marital debt that will be divided between you and your spouse.
To ensure that everything is divided fairly, you will need to provide your Eagan family law attorney will all of your financial documents that include tax returns, bank account statements, credit card statements, loan and mortgage information, retirement plan statements, property deeds and assessments on those properties, and information on any businesses that may be owned.
Contact An Eagan Family Law Attorney
If you want to keep your asset division out of the hands of a judge and perform the task through mediation, the Burns Law Office can help. We will do all we can to negotiate with the other side so that a mutual agreement can be reached. If that agreement does not occur and a judge must make the decision, we will represent you to achieve the best result. To schedule your free initial consultation, call us at (952) 898-6834 or fill out our contact form so that we can tell you what options are available and what strategies can be used in your case.