When getting a divorce, there are a few things that are often top priority. One thing that many divorcing couples often need help with is determining how their property will be divided in the divorce. Ideally, couples would be able to determine this on their own, but because most divorcing couples aren’t on amicable terms, the courts are often involved.
Equal Distribution Of Property
In the state of Minnesota, the concept of equal distribution is followed when it comes to splitting up items in a divorce. The concept of equal distribution means that the judge will determine how to split up the items fairly amongst the divorcing couple. However, some items are not included in this, such as anything that is considered personal property. This often includes things like inherited items, items purchase with inherited money, or items purchased before the marriage.
Items that are commingled will also be taken into consideration, such as a business that was started before the couple was married, but remained successful because of the marital partner’s contributions to the business.
In terms of deciding what is fair in terms of distribution of property, there are several factors that come into play. One determining factor is the financial situation of each spouse. The job that each spouse has will be looked into and how much they make will be considered. Generally, the higher earning spouse will get two thirds, and the lower earning spouse will get one third of the shared property.
Another factor will be how long the marriage lasted. If the marriage was very short, things will likely be divided up differently than if the marriage lasted for several years. Finally, whether or not there were children involved in the marriage will also be taken into consideration.
Marital Debt Distribution
Just like the property is split using the concept of equal distribution, the marital debt is as well. Debt will be looked at as marital debt, personal debt, or commingled debt. The splitting up of this debt will also take place in the courts and the judge will determine the best way to fairly split it up amongst the couple.
Distributing The House
Unlike other kinds of property, a house can’t be split into 2/3 or 1/3, unless it is sold. Because of this, only one spouse can remain living in the home. Under the concept of equal distribution, the spouse who has the custody of the children for the majority of the time is the one who gets the house. This is due to the fact that the spouse with the children needs the space to make sure the children are well taken care of and their living situation isn’t negatively impacted because of the divorce.
However, if there are no children involved, then the judge will determine who gets ownership of the home using the equal distribution factors listed above. It is important to note that until the ownership of the house has been decided upon, that both spouses realize that they can’t kick their partner out of the house, lock them out, etc.
Trying to figure out how to split up all of your property in a divorce can get very messy, very quickly, and this can lead to a difficult divorce. If you want to keep things as smooth and amicable as possible during your divorce, it is an excellent idea to look into hiring a divorce lawyer. At Beckman Steen & Lungstrom, P.A. you can get the help that you need to properly divide your property and you will have the support that you need in court.
If you are going through a divorce and need our assistance, visit us today!