Property Division: What Can I Keep & What Must be Divided?
Divorce can be a difficult and emotional process, especially when it comes to dividing property. At Beckman, Steen & Lungstrom, P.A., we understand the complexities of property division when it coms to divorce in Minnesota and are here to help you navigate this process. In this article, we will discuss the different types of property and how they are divided in divorce.
Marital Property
Marital property refers to any property acquired during the marriage, regardless of whose name is on the title. This includes income, real estate, personal property, retirement accounts, and even a family business. In most states, marital property is divided equitably, which means that it is divided fairly but not necessarily equally. The court will consider factors such as the length of the marriage, each spouse’s income and earning potential, and the standard of living during the marriage when making a decision.
Community Property
Community property is a type of marital property that is recognized in only a few states. In community property states, all property acquired during the marriage is considered equally owned by both spouses. This means that in the event of a divorce, the property is divided equally between the spouses. The 10 states that recognize community property are:
- Arizona
- California
- Idaho
- Louisiana
- Nevada
- New Mexico
- Texas
- Washington
- Wisconsin
Common Law Property
Common law property is another type of marital property that is recognized in most states. Common law property refers to property that is owned by one spouse and not the other. This includes property that was owned before the marriage, property that was inherited, and property that was gifted to one spouse. In most states, common law property is not subject to division in a divorce.At Beckman, Steen & Lungstrom, P.A., we understand that property division can be a complex and emotional process.
Contact Our Minnetonka Divorce Lawyers Today
Our experienced Minnetonka divorce lawyers are here to help you navigate this process and ensure that your rights are protected. If you have questions about property division or any other aspect of divorce, please contact us at 952-938-3411.