Property and Debt Division in Minnesota
In the event of a divorce, there are many things that need to be sorted out. One thing to consider is Property and Debt Division. The decisions made in dividing assets and properties between former spouses is something that should be done with the help of an experienced lawyer.
What is Marital Property in Minnesota?
When the court has to settle the property and debt division dispute, they will typically use the state law rules to divide the property. In Minnesota, it doesn’t matter who’s at fault for the end of the marriage as Minnesota is a no-fault divorce state. All assets acquired during marriage are divided equitably, or fairly, but are not necessarily divided equally.
What factors decide how property and debt is divided in a divorce?
Minnesota courts look at all of the following factors to reach a decision about how to divide marital property:
- The length of the marriage
- Any prior marriages
- The age, health, station, occupation, amount, and sources of income of each spouse
- Vocational skills, employability, estate, liabilities, needs, opportunity for future acquisition of capital assets, and income of each spouse
- The contribution of each spouse in the acquisition, preservation, depreciation or appreciation in the amount or value of the marital property, and
- The contribution of a spouse as a homemaker.
How is debt divided in Minnesota?
Minnesota courts aren’t just required to divide assets. In addition, they have to divide up the marital debts. The judge has to decide whether debts are joint or sole. Even if a debt was incurred during the marriage, the judge could still decide that it was an individual debt that benefited only one party, therefore making that party responsible for repaying it. Minnesota judges have a lot of latitude in deciding how to divide debt.
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Contact a Family Law Attorney in Minnesota
Divorce can be a difficult situation to go through. Our attorneys at Jeddeloh & Snyder are here to help you with all of your legal matters involving property and debt division. So contact us to set up an appointment with one of our experienced and well-trusted attorneys.