In October of this year, former news anchor Dina Ruiz Eastwood was reported to have filed for divorce from her actor-director husband, Clint Eastwood. With his net worth estimated at $375 million, it remains to be seen how finances between the two are going to be settled upon divorce. If a marital breakup is in your future, divorce lawyers in Minnesota can offer valuable advice about dividing your property.
Dividing property: non-marital and marital property
Under Minnesota law, the division of a couple's assets upon divorce must be equitable. This means that the court divides the marital property fairly between the spouses, while non-marital property remains with its owner.
Non-marital property includes assets acquired by one spouse before the marriage, any inheritance or gifts received at any time by third parties, and assets excluded from the couple's marital property by a valid antenuptial (prenuptial) contract.
Marital property is any property acquired during the marriage other than non-marital property. Assets qualify as marital property if they are acquired by either or both spouses during marriage regardless of the name on title, whether the asset is cash, real estate, retirement benefits or other property, regardless of the name on the title.
Complexities arise in divorce cases when these assets have been comingled or when it is difficult to determine their value. When necessary, lawyers can arrange for accredited appraisers to assess the property involved and provide you with a valuation.
The divorce lawyers at Hess & Jendro Law Office, P.A. are compassionate, reliable and experienced in achieving the best possible outcomes for those involved in divorce cases. Contact us at 763.241.4855 to ensure a fair division of property upon your divorce, or for assistance in any related matters.