Resolution Through Negotiation

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

How does equitable distribution affect me in a divorce?

On Behalf of | Jul 21, 2016 | Firm News |

You are getting a divorce but are concerned about how your marital property will be split. Minnesota is an equitable distribution state, which means the courts will use certain rules to determine how to divide any property and assets that were acquired by you and your spouse during your marriage. To keep your divorce from dragging on, you may be able to negotiate a divorce settlement with your soon-to-be ex-spouse. According to The Huffington Post, you may also be able to divide your assets privately if you previously entered into a postnuptial agreement with your soon-to-be ex-spouse.

There are many factors that can affect how the courts will divide your assets. For example, if your soon-to-be ex-spouse is the higher-earning partner, the courts may not award you a lot of money or assets if your marriage did not last very long. If there are children involved, the courts may consider awarding a larger share of the marital assets to the parent who has sacrificed his or her career to stay home and raise them. They will also take into consideration your career and educational background, health and age. The courts will assess your post-divorce financial situation and how it impacts your ability to provide for yourself. These rules can have a significant impact on your financial future.

While the rules involving equitable distribution can be complex, there is a bit of flexibility in how the courts can apply them. Your circumstances and the actions you take now can affect the outcome of your situation. This information is only intended as educational material and should not be used as legal advice.