Because divorce laws differ from state to state, it is essential that individuals ending a marriage in Minnesota know how the specific laws will affect their case. In particular, you may wonder what type of division proceedings your marital assets will face. Like many other people, you likely have an attachment to certain assets and want to ensure your financial stability for the future.
Divorce can certainly bring about many financial changes, and you understandably do not want the outcomes of your case to catch you off guard. By gaining reliable and applicable information, you may feel more ready to approach your case and effectively work toward the outcomes you want.
Community property or equitable distribution?
When it comes to property division laws relating to divorce, states fall into either the community property state or equitable distribution state categories. Minnesota is an equitable distribution state, which means the division of your marital assets will focus on fairness rather than a strictly equal split. With equitable distribution, more details relating to your personal financial affairs and those of the household during your marriage will go into consideration. Some of those details include:
- How long you were married
- What your and your spouse’s sources of income are
- Whether you have children and who has custody
- The current financial standing of each of you
If the court determines that you make less money or otherwise have a less favorable financial standing than your spouse, you could end up with more marital assets to reach a fair outcome. Of course, the opposite could be true if you have a better financial standing than your spouse.
Marital assets and separate property
You may also want to keep in mind that distribution laws in divorce apply only to marital assets and debts that you and your spouse accrued during your marriage. These assets could include vehicles, the family home, collectibles and other valuables that you bought together or used for the good of the household. The same goes for marital debt, which could include mortgage loans, credit card debt on joint accounts and more. Separate property will remain in the possession of whoever already had ownership.
You likely want the outcomes of your divorce case to be as fair as possible. You may wish to closely assess your financial details to determine how they could play a part in the equitable distribution of your marital assets during property division proceedings.