Common Questions About Asset Division In Minnesota
Are you thinking about filing for divorce? If so, then one of your preoccupations at this point probably involves what marital assets and debts you will walk away from your marriage with and where can you find a lawyer in St. Paul. Macaulay Law Offices provides experienced legal guidance through the many issues of divorce. Call us at 651-968-0621 for a free 30-minute consultation.
FAQs About Asset Division In Minnesota
The first thing you should know about asset division is that Minnesota is an equitable distribution state. This means that you don’t have to divide your marital estate equally, but your final settlement must reflect a fair and equitable division of your marital property.
What Is Marital Property?
Any property obtained during the marriage could be marital property, with some notable exceptions such as inheritances. Property that may have been separate prior to or during the marriage could end up being considered marital property if it was commingled. For instance, if an inheritance was put into a joint checking account and used to make improvements on the family home, then it could be considered a marital asset during property division.
How Are Debts Divided?
The court divides marital debts after taking the financial ability of each spouse, along with other factors, into consideration. You should know, however, that creditors are not a party to your divorce settlement, and therefore, do not have to abide by it. If your spouse agrees to take on certain marital debts that you remain on, and does not pay them, your only recourse may be to return to court.
What If I Did Not Accumulate The Debts?
Before assigning any debts to either party, the court may hear evidence identifying certain debts as the separate financial obligations of your spouse. These are debts taken out in his or her individual name. Keep in mind that if you are an authorized user on your spouse’s individual accounts, you are not legally liable for the balance, but it will show up on your credit report.
Who Gets The House?
It may depend on who can afford it since the party not remaining in the home will probably not want to remain on the mortgage loan. It may also depend on who retains primary custody of the children since the court would hesitate to relocate the children if it’s unnecessary. Finally, it may be in everyone’s best interests to sell the home.
What Happens To My Retirement Accounts?
Retirement funds accumulated during your marriage could end up divided between the two of you. If you happened to have a retirement account prior to the marriage, you may be able to argue that part of your account belongs to you alone. Dividing assets needs to be handled properly to avoid the early withdrawal penalties associated with them.
We Offer An Initial Free 30-Minute Phone Consultation
Macaulay Law Offices can provide further information regarding the division of your marital assets and debts. Schedule your appointment with an attorney today by calling us in St. Paul at 651-968-0621 or emailing us online.