When it comes to divorce in Minnesota, property is divided into real property and personal property. Real property is real estate and land. Personal property is everything else, including bank accounts, jewelry, investments and so forth.
Property is further divided into marital property and non-marital property. Under Minnesota law, any property that either spouse owned before the marriage is separate or non-marital property. Marital property, on the other hand, is property acquired during the marriage.
A divorcing couple can divvy up the property themselves if they can agree about how to do it. If they cannot, then the court will set aside the separate property and divide the marital property, real and personal. In Minnesota, this means that the court must make a “just and equitable” division of the marital property. It does not mean that the division must be equal.
The debts are also split between the two parties. It is up to the court to decide if a debt belongs to one spouse or both. If the debt benefited one party, then the judge might order that spouse to repay the debt.
When deciding who gets what in the divorce, the court considers a number of factors, the length of the marriage, previous marriages, each party’s age, health, current economic situation, future employment outlook and contributions to the marriage. If the marriage produced children, then the court considers the child custody arrangements as well.
If you are contemplating divorce, then contact us. Our experienced, talented divorce attorneys will review your case. Our job is to protect your rights and ensure that you receive the best possible outcome.