Minnesota Property Division Lawyer
Minnesota is an equitable division state. What this means is that in most cases assets and debts of the marriage are divided equally, although an equitable division does not always have to be an equal division.
Marital assets and debts are any assets or debts that have been acquired or incurred during the marriage whether they are held jointly or individually. If a husband has a credit card in his name only, any debt he acquires on that card is still considered martial debt. However, a court can consider the purpose of the debt and which party has the greater ability to pay the debt. So for example, if one of the parties incurs a $10,000 debt on a credit card due to a gambling problem, courts do have the discretion to make that party responsible for the entire debt, even though technically it is a marital debt. Other relevant factors in the disposition of assets and debts include, but are not limited to, the length of the marriage, age and health of each party, amount and sources of income of each party and the liabilities and needs of each party.
The presumption that property is marital can be overcome only by providing evidence to show that the property is nonmarital. This can be property acquired as an inheritance during the marriage to one party but not the other, property acquired before the marriage, or property acquired in exchange for nonmarital property. It is possible for property to be partially marital and partially nonmarital. For example, if the wife owned a home prior to the marriage and the parties continue to live in the home after the marriage, she will have both a marital and nonmarital interest in the property. Likewise, if a couple purchases a home after they marry and one or both of them pays for the down payment with nonmarital funds they will have both a nonmarital and marital interest in the property. The formula for determining how much of an asset is marital and how much is nonmarital can be complicated so it is important to get the advice of an experienced Minnesota family law attorney.
Contact the Law Office of Cynthia J Miller
If you or someone you know is in need of a qualified Minnesota Divorce Lawyer, contact the Law Office of Cynthia J Miller today at (763) 389-8040. We offer two locations in Princeton and Minneapolis and provide free consultations.