If you and your spouse share significant assets, you need a plan to divide property if your marriage ends. Minnesota follows equitable division standards, which means you must come up with a fair arrangement to split assets and debts, but not necessarily 50/50.
Review the factors that affect property division in a Minnesota divorce.
Reaching a property division agreement
You and your spouse can attempt to create a property division agreement together, with or without the help of a mediator. If you succeed, you can submit it to the court for approval and the judge will make sure it treats each of you fairly.
Your property division agreement must cover both real property and personal property acquired during the marriage. Separate property includes anything either of you owned before the marriage or designated as separate property in a prenuptial agreement.
Understanding factors in equitable division
When you and your spouse cannot reach an agreement about property division outside of court, you can ask the Minnesota family law judge to decide. He or she will make a legally binding declaration after reviewing:
- How each of you contributed to the household
- How each of you contributed to earning assets and acquiring marital property
- Each person’s income, projected future income, education and employment skills
- Each of your age and health status
- Whether either of you has a previous marriage
- How long your marriage lasted
You may want to seek professional property valuation if you decide to divorce and own a home and other assets with your spouse. This process can help insure fair division of marital property and debts.