If you have come to the end of your marriage, you may wonder how you and your spouse will divide your shared assets and debts. Minnesota is an equitable division state, so the laws call for a fair but not always equal split of marital property.
Review the guidelines that determine the division of marital property in a Minnesota divorce.
The process of property division
You can attempt to reach an agreement with your spouse about the division of assets and debts. If you disagree, you must ask the court to decide and provide a full inventory of marital property. This includes all assets and debts accumulated by either you or your spouse during the marriage, but not property that predates the marriage. It does not include gifts or inheritance either of you received alone during the marriage.
Factors in property division
If you and your spouse cannot reach an independent agreement, you can ask the court to decide. The judge will consider:
- How each of you contributed to housekeeping and child care
- How each of you contributed to shared marital assets
- Your employment status, current income and projected future income as well as the employment and income status of your spouse
- Your and your spouse’s health status and ages
- Whether either of you had a previous marriage
- How long your marriage lasted
Minnesota courts presume that property accrued during the marriage constitutes marital property unless either of you proves otherwise. This standard applies to real estate, retirement accounts, jewelry, investments and even businesses either you or your spouse started during the marriage.
