How does Minnesota divide up marital assets?

On Behalf of | Oct 25, 2021 | Divorce

While every aspect of a divorce can be hard, the division of assets often brings out strong emotions in the divorcing parties. Both you and your spouse likely have clear opinions about what belongs to each of you.

Regardless of your feelings on the matter, Minnesota has clear laws about what is marital property and how to divide it during a divorce.

Marital vs non-marital property

Most assets accumulated after your nuptials are marital property and subject to division. Anything that you acquire either before or after the marriage is typically non-marital property. However, there are exceptions and complicating factors to these rules.

Some inheritances and gifts may not be marital property if given to an individual spouse by a third party. A prenuptial agreement may also detail what each spouse can claim during the divorce.

Any increase in an asset’s worth that occurs during the marriage is usually subject to the division process. For example, if you bought a house prior to getting married but it rose in value during the marriage, your spouse will have a claim on that increase.

Equitable division

Absent provisions in a prenup, Minnesota courts will split marital property equitably, though not necessarily equally. To determine an equitable distribution, courts look at multiple factors, including:

  • Length of the marriage
  • Individual financial and household contributions to the relationship
  • Income and employment status
  • Ages and health

These factors are fairly subjective. A strong case may be necessary to ensure you receive your fair share of the marital assets.