Navigating divorce on your own is an emotionally challenging experience. Aside from doing your best to cope with your feelings of loss, you also must try to manage the division of your marital assets and debts.
However, once you learn about how Minnesota’s property division laws work, you can work on a plan that can help you achieve a fair distribution of property.
How is property divided in Minnesota?
Under the state’s divorce laws, property division is determined through the equitable distribution model. In this legal process, the court will seek a “just and fair” division of you and your spouse’s marital property.
To help the court determine this, they will assess several defining elements in your marriage, including its length and:
- Each of your age and health
- Each of your incomes and earning capacities
- Each of your future employability
- Each of your vocational needs
- Each of your economic circumstances
- The custodial parent status (if you have children)
Since Minnesota courts only divide marital property, you and your spouse will be able to keep your non-marital assets. However, if one of you legally changed the title of an inheritance to include your spouse’s, this specific asset will turn into a marital asset.
What are examples of non-marital property?
Also known as “separate property,” these assets include any kind of property either spouse received as an inheritance or bought before the marriage. These can also include:
- Gifts from your spouse
- Your personal injury rewards
Your inherited heirlooms are one example of non-marital property. If you kept your family’s treasured items fully separate from your marital assets, these items will not be subject to the property division.
However, if you used a non-marital property to fund or improve a marital property, this would mean that your assets have been “commingled” (or mixed) and will turn into a marital asset.
With time and patience, you will be okay
By learning about Minnesota’s divorce laws and having the right guidance through the process, you can work on an effective strategy that can help you pursue a fair distribution of marital property.