- Posted by Leigh Frost
- On August 27, 2018
- 0 Comments
- assets, attorney, common law, distribution, divorce
You may be wondering if Minnesota is a common law property state or something different when it comes to the issue of divorce. Minnesota is, in fact, a marital property law state. It’s important to learn the ins and outs of what a marital property state is and how assets are divided upon divorce.
What is the Difference Between a Common Law State and a Marital Property State?
Many states are common law property states when it comes to how property is divided in a divorce. Take note that in this case, the property does not just refer to real estate, but any tangible asset. In a common law divorce, property bought by one spouse and put solely in their name can be considered their sole property that is not divided up in divorce. It is possible to continue to acquire assets as an individual during the marriage under common law. In a marital property state, all property acquired during the marriage is considered marital property, with some specific exceptions. In a community marital property state, this property is to be divided strictly on an equal, 50/50 basis. Minnesota is a marital property state but not a community marital property state. Instead, Minnesota is an equitable distribution of marital property state, in which more nuanced methods are used to divide marital property at divorce.
How Does Minnesota Divide Marital Assets According to Equitable Distribution?
Minnesota marital property law aims to arrive at the fairest distribution of marital assets upon divorce and recognizes that a strict division in half, may not be the most appropriate resolution. Though this is good in principle, it can be tricky in practice as what’s fair to one person might seem unfair to another. Ultimately, if the parties are unable to come to a resolution, a judge decides what’s fair, and the decision becomes the final verdict. For this reason, it’s in your interest to get the best advice possible to determine what you think is reasonable and to try to reach an agreement with your spouse. The courts will still oversee the agreement to ensure it’s reasonable, but will usually sign off on the settlement, especially if both parties have legal representation guiding the process.
Having an expert attorney on your side to protect you and ensure you are treated fairly is crucial. For more information about divorce, contact the Law Offices of Leigh Frost to speak to an experienced Minnesota divorce attorney about your situation.