Whether you have been married for months, years or decades, you and your spouse may share a wide range of assets. From your family home to retirement accounts, investments and business interests, if you are facing divorce, you may worry about how a judge might divide various types of property.
Minnesota is an “equitable distribution” state. This means that, rather than split assets equally, a judge may award a greater portion to you or your future ex if doing so ensures a fair distribution under the law.
1. What property is divisible during a divorce?
Generally, any property that either you or your spouse obtained during your marriage becomes “marital property” that may be subject to court-ordered distribution upon divorce.
2. How does the court determine a fair division?
Factors that a judge may consider when distributing marital property include:
- The length of the marriage
- The age, health and income of each spouse
- The educational and occupational resources of each party
- Contributions that either spouse made to the shared estate, including both economic and non-economic support
- Whether either spouse wasted shared assets during marriage
- Which spouse will have primary custody of children
3. What assets might remain separate?
Assets that may not be subject to division during divorce include personal inheritances and gifts, personal injury settlements, and property acquired before marriage and not mingled with shared assets.
You may have natural concerns about what a judge may deem equitable. If you and your spouse can agree to negotiate a fair settlement out of court, you may be able to do so without the stress and uncertainty of a potentially lengthy trial process.