People preparing for divorce typically have questions about the process ahead. They want to know how long divorce takes and how much it costs. They also tend to worry about the property division process.
The idea of splitting all major assets evenly with a spouse can leave people anxious about the prospect of divorce. Do spouses in Minnesota generally need to split their assets evenly with one another when they divorce?
Minnesota requires fairness — not a 50-50 split
The idea of the 50-50 property split comes from community property statutes. Some states have community property laws that may require an even split of the marital estate.
Minnesota is not a community property state, however. It is an equitable distribution state. State statutes instruct judges to divide the marital estate in a manner that is fair based on the marriage and the circumstances of the spouses. An even split may not be fair, especially if the spouses have vastly different earning potentials, one takes more responsibility for childcare after the divorce or one has serious medical issues.
Spouses have the option of reaching a settlement by working with one another. If they cannot settle, then a judge can review financial disclosures and determine the most reasonable way to divide their assets and financial obligations.
Learning more about Minnesota’s unique divorce laws, including those involving property division, can help people prepare for the potentially complex process ahead. Spouses who set goals and have legal guidance to help them negotiate with a focus on the big picture during a divorce may ultimately feel more satisfied with the outcome of the property division process.
