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7900 Xerxes Avenue S.
Bloomington, MN 55431
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Fax: 952-746-4112
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Property Division
In all dissolution
of marriage proceedings, the parties are required to divide
all of their real and personal property, as well as any joint
or individual debt they have acquired during their
marriage.
Minnesota is not a community property state. As
a result, absent an agreement of the parties, the Court must
make an equitable distribution of the property acquired by
the parties during their marriage. Unless there is some compelling
reason to do otherwise, marital property will be divided equally
between the parties.
At times, the valuation of assets such as
furnishings, real estate, vehicles, pensions and businesses
can be difficult. Expert appraisers or accountants may be required
to assist the parties in resolving their differences. When dividing
real and personal property, consider
the possible taxes or penalties that may result.
The issue of non-marital property
frequently arises in marriage dissolution proceedings. Generally,
non-marital property is property one party
owned prior to the marriage, inherited during the marriage, or
was gifted during the marriage with the intention that the gift
was for him or her alone.
The person
claiming that an item is non-marital, or that it has a non-marital
component, has the burden
of proving that the item is non-marital, as well as the burden
of tracing the history of that item to demonstrate that it still
retains its non-marital character.
Distributing assets and debts in marriage dissolution
proceedings can be complex and emotional for the
parties involved. As a result, it is important for an individual
involved in such a proceeding to consult with an experienced
family law attorney to guide him or her through the valuation
and subsequent distribution of the marital estate. |
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