Securing Your Financial Future During A Divorce
The way you and your spouse divide the assets and liabilities accumulated during your marriage has a significant impact on your financial well-being long afterward. Depending on how much the parties agree or disagree, the asset division process can be fairly simple or fueled with conflict.
To ensure you receive a fair portion of the marital estate, you need skilled representation from Collins, Buckley, Sauntry & Haugh, PLLP. Since the firm’s founding in 1971, our attorneys have garnered a reputation for securing successful outcomes for our clients.
Not Necessarily Equal
The court only has the authority to divide marital property. Any nonmarital assets or liabilities are not subject to division, which is why correctly identifying debts and assets is an essential step. Generally, anything of value obtained during the marriage is considered marital property, unless it was a gift or an inheritance.
When dividing assets during a divorce, family law courts in Minnesota and Wisconsin follow the equitable distribution standard. However, it is a common misconception that each spouse will be awarded an equal share of the marital estate, and the name of the account or title holder is not a true an indication of ownership.
Among other things, the duration of the marriage and each spouse’s age, health, occupation, amount and sources of income will play a role in the award. While no single factor is a determinate, a judge may award the marital home to the custodial parent to minimize disruption in the home.
Breaking Apart The Commingled Puzzle
Spouses often focus their attention on the marital home, but that is only one piece in the puzzle of commingled assets and liabilities. Other assets to consider include:
- Real estate, including business property, vacation homes and other holdings
- Retirement funds
- Investments, stocks and bonds
- Valuable personal property, such as antiques or art
Take Control Of The Outcome With Our Help
Your future is important to us. Let us help you start your next chapter on sure footing. Using negotiation, mediation or litigation, we can protect what’s yours. Schedule a free consultation with a lawyer to learn more. Arrange yours via email or by calling 651-968-0969 today.