Minnesota, like the majority of states in this country, is an equitable division property state. When a married couple files for divorce, the court will divide marital property and liabilities fairly, although that does not necessarily mean a 50/50 split. If spouses disagree about how property should be divided, they have several options for resolving the dispute. This is one of several common financial issues many spouses encounter in divorce.
In many cases, the spouses may be willing to barter assets to achieve a fair division. For instance, if the spouses in question own vacation property, one spouse might agree to retain ownership of that asset in exchange for agreeing to the other spouse getting the marital home or vehicles or both. If spouses do not want to trade assets, they might agree to sell their marital properties and split the proceeds.
Financial issues regarding debts also arise in many divorces. Are there outstanding loans? How will spouses resolve the debt? Will one spouse agree to carry the debt if he or she gets a larger portion of marital assets in exchange? Spouses are free to work out their own agreements, then seek court approval of their plan.
A Minnesota spouse will also want to be well-versed in his or her tax information and applicable retirement benefits. Such issues are complex and may significantly affect a spouse’s future after a settlement is achieved. Lack of knowledge regarding one’s finances may place a spouse at risk for getting the short end of the stick in divorce proceedings. An experienced family law attorney can be brought on board to help protect a spouse’s financial interests in court.
