Dividing property in a divorce can be quite complicated. Young couples often purchase all of their assets together. However, when older couples get married, there’s a good chance one or both of them had assets prior to their wedding day. Determining whether these assets are personal or joint property requires a review of certain criteria. If the court finds that a home, vehicle or savings account is separate property, the original owner gets to keep all of it after the divorce. If, however, the court determines that the property that was once separate, has been mingled and no longer qualifies for an exemption, it will be divided, regardless of how it was acquired.
Debts are divided the same as assets and a divorce attorney in Walker, MN may help a client determine whether they will share the debts acquired before or during marriage. In general, if a spouse had a debt when they got married and still have the debt when they get divorced, the debt is separate, and they will take it with them after the divorce.
After determining whether assets and debts are separate or marital, the court will divide them. Minnesota is an equitable distribution state. This means that if the couple did not submit a reasonable property settlement to the court, the judge will decide on a fair distribution of the property. This means that each spouse will get a fair portion based on their earning potential, the length of the marriage and which gets custody of the children. A divorce attorney in Walker, MN could help a client negotiate a settlement or fight for a larger portion of the couple’s assets in court.
Although many divorce cases are very straightforward, with most of the assets being marital property that are divided equitably through either an order by the judge or a settlement agreement written by the couple, some are more complicated. Divorcing spouses who have more complex assets or debts should consult a firm such as Borden Steinbauer Krueger and Knudson, P.A. for help getting a fair portion of the assets to start their new life as a single person.