Property Division To Secure Your Financial Stability

Getting a divorce means having to make a major emotional adjustment. It also means having to disentangle the property you and your spouse built up over the years. Getting your fair share of the marital assets might not make the emotions of divorce disappear completely, but it can be a great relief knowing that you will be financially stable moving forward.

At VanDerHeyden Law Office, P.A., we have helped our divorcing clients with property division since 1980. Located in Rochester, our attorneys are part of the community and strive to provide professional, high-quality service to each client.

Our founding attorney, David W. VanDerHeyden, is one of the very few lawyers in the state who is certified as a civil trial law specialist by the Minnesota State Bar Association (MSBA). He and the rest of our team bring a unique level of experience, care and personal attention to property division matters.

Dividing Assets In Olmsted County

Under Minnesota law, most assets acquired during a marriage belong to both spouses jointly, whether or not both spouses earned an income during the marriage. We can help you find creative and practical ways of dividing valuable assets, such as:

• Family home
• 401(k)s and other retirement accounts
• Pensions
• Investments such as stocks and bonds
• Personal property, including cars, jewelry and family heirlooms

The process of getting a complete and accurate picture of your marital assets can be challenging. Our resources and knowledge in this area help us uncover hidden assets and reach the correct valuations of your assets, so you know exactly what you are dealing with. And our strength in negotiations helps us seek a settlement that you and your ex can both live with long term. While litigation in divorce is rare, we will prepare to take your case to court rather than force you to accept an inadequate settlement.

Frequently Asked Questions About Minnesota Asset Division

Minnesota’s asset division rules can be technical, particularly when a divorce involves property accumulated over many years. Below are answers to common questions about how Minnesota approaches property and debt allocation during a divorce.

In Minnesota, what is the difference between marital property and nonmarital property?

Under Minnesota law, marital property are the assets and income acquired by either spouse during the marriage, regardless of the name on the title. Examples include wages, retirement contributions, real estate purchased during the marriage and most personal property. Marital property is subject to equitable division in Minnesota, which means the court aims for a fair outcome based on the circumstances of the case.

Nonmarital property includes assets acquired before the marriage, gifts or inheritances received by one spouse alone and certain personal injury awards. To keep an asset classified as nonmarital, the spouse claiming it must be able to trace it clearly. If nonmarital funds are mixed with marital funds and cannot be separated, the court may treat the asset as marital.

Can I keep my inheritance in a divorce?

An inheritance received by one spouse alone is generally considered nonmarital property. This means it is not divided in the divorce as long as the receiving spouse can prove it was kept separate from marital assets. If the inheritance was deposited into a joint account, used for marital expenses or combined with marital funds, the court may determine that some or all of it has become marital property.

If you believe your inheritance should remain nonmarital, gather documentation showing how it was received and how it has been maintained. Clear records can make a big difference in protecting the asset.

How do courts in Minnesota divide marital debt in a divorce?

Marital debt includes most financial obligations incurred during the marriage, such as credit card balances, loans, medical bills and mortgages. Minnesota courts divide marital debt equitably, which means the division is based on fairness rather than a strict 50-50 split. Judges consider factors such as each spouse’s income, financial needs and role in incurring the debt.

When reviewing debt, it is helpful to create a complete list of all obligations and identify when and why each debt was taken on. This allows the court to distinguish between marital and nonmarital debt and assign responsibility in a way that reflects the realities of the marriage. We can help you understand how asset and debt division rules apply to your specific case.

Discuss Your Financial Needs With One Of Our Divorce Attorneys

Call 866-586-7905 to reach our Rochester office and schedule a free initial consultation for most matters. You may also use our email form if you prefer.