Division of Assets
Going through a divorce proceeding or legal separation and dealing with the distribution of marital assets and property is a challenging process. Having competent legal representation is crucial to safeguarding your financial and proprietary interests.
In Minnesota, upon divorce, each spouse usually takes his or her separate property and marital property is divided equitably. Separate property includes property acquired before marriage, any appreciation in its value, or property acquired through gift or inheritance. People often do not realize that most property acquired during marriage is marital property subject to equitable distribution, even if the property is held only in the name of one spouse. Any equity that is accrued during marriage, including any amount in home equity, pension plans, or retirement funds, is considered marital property that is subject to equitable distribution without regard to whether or not one or both spouses contributed financially to its acquisition.
In dividing marital assets, a court's primary concern is achieving equity and fairness. Factors that courts may look to in making this determination include:
- Length of the marriage,
- Any prior marriage of a party
- Age and health
- Amount and sources of income
- Occupation, vocational skills, and employability
- Contribution of a spouse as a homemaker
- Size of the couple's estate
- Needs of each party
At Banas Family Law, we have significant knowledge, experience, and skills in the family law arena in Minnesota. We have handled a wide array of divorce cases, ranging from simple divorces where the parties have no assets to divide to multi-million dollar estates with significant business assets and interests. We will evaluate your assets and financial situation and help you obtain the most favorable distribution.
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Contact our Minnesota family law firm today to ensure your rights are protected and your financial well-being is secured.