Resolution Through Negotiation

Family law and child custody representation in Minnesota's Twin Cities.

Divorce and marital property

On Behalf of | May 17, 2016 | Firm News |

Divorce is not just a dissolution of marriage, it also a dividing of marital property and financial assets. Some people in Minnesota find it easy to reach an agreement, while others find the path a bit more difficult. People who want to protect their rights and their assets need to be aware of how the courts handle this type of situation if neither party can reach an agreement amicably.

Splitting marital property can be challenging for couples because there are many different types of material and financial assets involved. Forbes reports that this issue can be complex because it is not always in the best interest of either spouse to divide certain property and assets. In some cases, their worth cannot be determined by their current monetary value. For example, pensions, stock portfolios and life insurance policies must be assessed and accounted for prior to an agreement can be made. Common sources of disagreement between divorcing couples are vehicles, real estate and bank accounts.

According to The Office of the Revisor of Statutes, the division of property is not affected by marital misconduct. While divorce is pending, neither party is allowed to engage in transactions that transfer, move or prevent their spouse from receiving their fair share without their consent. The courts will carefully consider all assets and property that is to be divided, along with the age of both parties, how long they were married, if they were married before, their occupations and income. There are also other factors that must be considered before the courts will rule on how to divide all marital property, such as the contribution of assets each party has made.

Dividing financial assets because of the dissolution of marriage can be a lengthy process once the courts get involved. Divorcing couples can make their split an expeditious one by working together to reach a settlement agreement outside of the courts.