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Smaller assets, debt could significantly impact property division

| May 4, 2017 | property division |

When you and your spouse had a happy marriage, you probably did not think twice about purchasing property together or titling assets in both of your names. When doing this, you created marital property that you each shared and of which you could each claim ownership. While this arrangement likely did not cause any issues during your marriage, you may find yourself dreading property division proceedings now that you have decided to divorce.

Because your residence in Minnesota means you live in an equitable division state, the court will likely decide how to divvy up the marital property shared between you and your spouse. During this part of the process, your arguments for why you should maintain ownership of certain assets could play a substantial role.

Property to divide

As mentioned, the court will need to divide any property bought together during the marriage and held in both parties’ names. When thinking about your assets, you may immediately wonder what will happen to your house, cars, business and money in your bank accounts. However, you may also want to inventory smaller items as well, such as:

  • Collectibles
  • Jewelry
  • Clothing
  • Furniture
  • Retirement accounts
  • Savings
  • Life insurance

Of course, you may have numerous other smaller or specific assets to consider depending on your particular circumstances.

Debt and liabilities

Another important aspect to consider when it comes to dividing the marital property relates to liabilities. If you and your spouse shared credit cards, mortgage payments and other loans, the court will also need to address how to divide those debts. Though you may believe your spouse racked up more charges on the credit card than you did, you could end up with more to pay off if you earn a greater income.

Creating your arguments

When it comes to keeping the property you desire and getting rid of the debt you do not want to handle, having strong arguments could make a considerable difference in how the court rules. Therefore, you may want to understand the property and debts at stake, gather as much information as possible on purchase records and spending, and determine the property on which you feel willing to compromise.

Understandably, you may find taking such actions a bit daunting. Luckily, you can seek assistance from an experienced attorney if you wish to do so. This legal professional can help you gather needed information and explain what to expect during the division process.