Property Division Attorney In Anoka, Minnesota
Property division is a difficult process that is a part of divorce and it involves dividing property that was acquired before and during the marriage. The first step of the process involves determining which property is marital and which is non-marital. This is important in ensuring that property is properly divided.
If you are facing divorce and you need comprehensive legal assistance in dividing assets and debts and navigating the divorce process, Mr. Peterson is an experienced Minnesota divorce attorney who can help you every step of the way. He can make the most difficult processes move smoother and guide you toward the outcome you seek.
Protecting Your Interests
Marital property is the property that was acquired by the parties during the marriage. All property that is acquired by either spouse during the marriage is considered marital property. It doesn’t matter whether or not the title of the property is held individually by the spouses or if they own it jointly. Common terms used in this regard are “community property,” ‘tenancy by entirety,” and “tenancy in common.”
Non-marital property is property that was acquired before the marriage. These types of property may include:
- Property acquired before the marriage
- Property received as a bequest, gift, inheritance or devise made by a third party to one spouse and not the other
- Property acquired by the spouse after the valuation date
- Property excluded because of a valid prenuptial agreement
The main burden lies in proving what is marital and what is non-marital. There are some cases where an asset may have both non-marital and marital components. For instance, retirement plans, real estate, and student loans fall within this. When there is a need, non-marital interests may be “traced.”
Helping You Through Division Of Property
Property division is “equitable,” which means it is almost always equally divided, but it may not be. The same applies to the debts that were acquired during the marriage, despite the fact that one spouse may have incurred more dent than the other. In some circumstances, the court may even divide non-marital property if they find it necessary.
If an unequal distribution of property is considered by the court, there are certain factors that go into this decision. Those factors include the length of the marriage, if either spouse had been married before, the source of income, vocational skills, health and age of the parties, occupations, opportunity to acquire capital assets in the future, needs, the contribution of each party in an acquisition, depreciation or appreciation of property, and contribution as one spouse as a homemaker. Your Anoka divorce attorney can help you better understand how this process works so you know what to expect in a matter of unequal property division.