Going through a divorce is difficult because it is an emotional time and it has a lot of moving parts. Property division is one of those parts and involves the division of marital property, assets, and debts.
If you are facing divorce, adequate information will need to be provided regarding your property, assets, and debts. You may also wish to take ownership of certain assets and properties. In order to effectively navigate this and the entire divorce process, you need an experienced Minneapolis divorce lawyer representing your interests and ensuring everything is done right.
Marital Vs. Non-Marital Property
There are two types of property: marital and non-marital. Marital property is what has been acquired during the marriage. Non-marital property is what was acquired before the marriage or property that was inherited by one spouse and not the other.
When property is acquired during the marriage, the court doesn’t look at whose name is on the title for that property. The court looks at the property as being jointly owned.
Non-marital property is different in that it refers to the property acquired by either spouse before the marriage or after dissolution of the marriage. In order for property acquired during the marriage to not be considered marital property, a certain set of guidelines must be followed. Those guidelines are:
- The property was a gift or inherited by one spouse from a third party.
- The property was excluded in a prenuptial agreement.
- Property was obtained after the valuation date.
This is a process that can be time-consuming. Our Minneapolis divorce attorneys can help you through the property division process so it moves as smoothly as possible and so your best interests are represented.
Guiding You Through Property And Debt Division
The law calls for a just and equitable division of your marital estate without regard to marital misconduct. The division of assets need not be mathematically equal, but more often than not, this is what people strive to do. As part of the negotiation process, we create a balance sheet and itemize all of the assets within the marital estate. As we go through the balance sheet, an asset (or debt) is placed either in the husband or the wife’s column. The goal is to divide property in such a way that each party’s total at the bottom of the balance sheet is equal. When that it not possible, an equalizer payment might be required.
Financial Early Neutral Evaluations (FENE’s)
If you cannot agree on property division, just like with custody and parenting time, you will have the opportunity to address this issue in the context of an Early Neutral Evaluation. The evaluator will help you assemble the balance sheet and provide feedback regarding how he/she thinks a Judge would divide your property. This same feedback can be provided for child support and spousal maintenance issues. The evaluator also plays the role of mediator and helps you resolve any disputes with your spouse. The process is confidential and any offers made or feedback provided cannot be shared with the Court. It is important that you prepare for your Financial Early Neutral Evaluation (FENE) with you Minneapolis divorce lawyer ahead of time.
Contact A Minneapolis Divorce Lawyer
Property division is one of the most complicated aspects of a divorce, as it involves the division of property, assets, and debt. Both parties have to show what they own, the money they have, and what is non-marital and marital property in order for property division to be carried out fairly. If you are going through a divorce, having an attorney experienced in property division by your side will make the process move along smoother. To learn about how Beyer & Simonson, LLC can help you, call 952-303-6007 and schedule a free consultation.