Your Division Of Property Rights In A Divorce: Marital And Nonmarital Property
Going through a divorce can be one of the most difficult and overwhelming experiences of your life. One of the most contentious aspects of any divorce can be the division of property. It’s natural to have questions and concerns about what you’re entitled to and how your assets will be divided.
At Johnson Brothers Law, we understand the emotional and financial stakes involved in property division. Our experienced divorce lawyer, Samuel Johnson, has over ten years of experience helping clients in Chisago City navigate the complexities of property division in a divorce.
How Is Property Divided In A Minnesota Divorce?
In Minnesota, property division is guided by the principle of equitable distribution. This means that marital assets are divided fairly, but not necessarily equally, between spouses. The court considers various factors, including:
- The length of the marriage
- Each spouse’s income and earning capacity
- Contributions each spouse made to the acquisition of property
Our experienced family lawyers will work with you to identify and value your marital assets, to help make sure that you receive a fair share of the marital property.
Understanding The Difference Between Marital And Nonmarital Property
In Minnesota, property is classified as either marital or nonmarital. Marital property includes assets acquired during the marriage, such as your home, vehicles and retirement accounts.
Nonmarital property, on the other hand, includes:
- Assets you owned before the marriage
- Gifts given to one spouse
- Inheritance
It also includes property acquired in exchange for separate property. For example, if one spouse used inheritance money to purchase a vacation home. Premarital asset protection, such as a prenuptial agreement, can help safeguard your separate property. Our experienced divorce lawyer will help you identify and classify your assets, identify your nonmarital property and help make sure your marital property is divided fairly.
Consult A Chisago County Property Division Lawyer
If you are contemplating a divorce and have questions about nonmarital property and the division of your marital property, we can help. At Johnson Brothers Law, we offer a free initial consultation to discuss your case and answer your questions. To schedule your free appointment, you can call us at 651-400-1392 or send us a message through our website.