If you are facing divorce, you likely have a lot of questions about what will happen. You aren’t sure how divorce will impact your finances or if you will get to remain in the family home. Will you have to share retirement savings with your spouse? How will you split your other assets?
Equitable property distribution
For divorce, Minnesota is an equitable property distribution state. As a result, couples divorcing in Minnesota split their assets and property in a fair, equitable manner. That doesn’t mean that you automatically will split your assets 50-50. The court will evaluate these factors as you divide assets in divorce:
- You and your spouse’s needs
- Your financial contributions to your marriage
- How long you were married
- What your income is and your future employability and earning power
- Your debts (Yes, you also divide your joint debts in divorce.)
If your spouse did a lot of renovation work and maintenance on your home, your spouse may receive more of your home’s equity assets in divorce. If your spouse was a stay-at-home parent and you earn a high income, your spouse could receive more assets to help them establish themselves on their own.
Getting help with dividing assets in divorce
You should work closely with an experienced divorce attorney to account for all your marital assets and help determine what assets you’ll keep in divorce. You may want to keep the marital home, so your children have more stability in this transition. You will have to work with your attorney on getting your spouse to agree to that and buying them out of their share of the home’s worth.
Ultimately, it will take time and negotiation as you divide marital property with your spouse. But this is one of the most important parts of your divorce settlement and you need to advocate for your best interests as much as possible.