Southern Minnesota Family Law Attorney
Property division is a difficult part of a divorce. This is the process of dividing the property acquired before and during the marriage. The first step is to determine which property is marital and which is non-marital. Unfortunately, there are times when this task can become very complicated, but our Mankato property division attorney can help you through the entire process.
If you wish to file for divorce or divorce has already been filed for by the other spouse, you need a divorce attorney who can help you. Property division can be a daunting process, which is why you need a competent and focused attorney by your side.
Non-Marital Property Vs. Marital
It is presumed that property is marital unless it is shown to be non-marital. Marital property means the property was acquired by both parties during the marriage. Even if a spouse acquired something for their own use, it could be considered marital property even if the title of ownership is held individually.
Non-marital property typically involves property that was acquired before the marriage. If the property was acquired during the marriage, it is usually because it meets at least one of the following:
- The property was acquired as a gift or an inheritance that does not include the other spouse
- The property was acquired before the marriage
- It was excluded by a prenuptial agreement
- A spouse acquired it after the valuation date
Marital And Non-Marital Interests
There are cases when assets may be both marital and non-marital. Real estate, student loans, and retirement plans fall under this. Other than this, the marital property is divided equitably. This means that it is almost always divided equally, but it may not be necessarily divided equally. The same can be said for debts that were acquired during the marriage.
If unequal distribution is necessary, the court turns to several factors, such as the length of the marriage, if one or both parties were previously marriage, homemaker contribution, the contribution of each when acquiring the property, and the physical and financial well-being of each party.
It is rare that property is divided physically. Instead, the asset is valued by an appraiser and each party receives a portion of the value of that property. This may mean that one piece of property can be traded for another. Your Southern Minnesota property division lawyer can guide you through this process so you can reach resolutions in the matter by making informed decisions.
Contact A Mankato Family Law Lawyer
Property division can be a stressful process, especially if you have difficulty agreeing on what to divide. If you do agree or there is slight disagreement, your attorney can act for you and ensure assets are divided the way they should be. Your attorney works with that of the other party to ensure a smooth process. To learn more about this process and to work with a highly experienced divorce attorney, call Birkholz Law, LLC at the Mankato office at 507-387-2100, the St. James office at 507-375-3374, or the Westbrook office at 507-274-6501 to schedule a free consultation.