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Marital Assets: Here’s What You’re Entitled To In Divorce

Marital assets can turn into complicated issues during a divorce. However, understanding the legal side to marital assets helps you make informed financial decisions if you’re separated, thinking about a divorce or in the middle of a divorce. After all, you need to know what you’re entitled to in a divorce, in order to ensure a fair division of your marital assets. 

Here’s an infographic we made, otherwise just scroll down for more information regarding the question, “What Am I Entitled to in Divorce?” 

marital assets

Pin this image to use as a reference of your marital assets and what you’re entitled to in a divorce.

When it comes to marital property division, it doesn’t necessarily matter who’s on the title or who has possession of the property. Often it’s when and how the property was acquired that determine whether it’s marital property (which then needs to be divided).  

In general, any property acquired during the marriage is what’s called, Marital Property*

 * – Notable exceptions include property gifted to or inherited by one spouse but not the other, property obtained in exchange for non-marital property, or property excluded by an antenuptial agreement. For non-marital property, you still have to be able to provide proof, in order for the property to not be considered marital property. In addition, the ‘burden of proof’ falls on the spouse who is trying to claim that the property is ‘non-marital property.’ Even then, in certain circumstances, the court can still award up to one-half of non-marital property to the other spouse. 

In any divorce in Minnesota, a court is required to make a property division that is “fair and equitable”.

However, family law in Minnesota permits judges to have a wide discretion regarding what is fair and equitable. Usually it ends up being “equal” or at least somewhat close to equal in terms of the overall value of the marital property. Therefore, a divorcing spouse is usually entitled to roughly ½ of the value of any and all marital property.

8 Common Marital Assets in a Divorce 

To give you an idea of the types of marital assets that exist in a divorce, we’ve put together a list below. Although this is not an exclusive list of marital assets, the list should get you started thinking about and eventually, taking an inventory of your own marital assets in your divorce.

Typical examples of marital property can include:

1. Real (Property) Estate: 

Most often this will be the home the couple shared, but it also can include other real estate, such as a cabin up north, land or additional property owned by the couple.

 marital assets

2. Investments:

For example, Stocks or Mutual funds. Similar to real estate, it doesn’t matter who holds the title on the investments.

3. Bank accounts:

For example, Checking and Savings accounts. Again, this is regardless of whether the accounts are jointly owned or not. 

marital assets

4. Insurance policies:

Particularly in cases in which the policy has a cash value.

5. Retirement accounts:

These can include 401(k)’s, 403 (b)’s, IRA’s, and Pensions, among others. Again, this is regardless of whose name is on the account or benefit. 

marital assets

6. Business interests:

Most typically when this is an issue, it’s a family-owned business. 

7. Personal property:

This can include property of unusual value, like jewelry for example, or just simple household furnishings.

8. Vehicles:

This can include cars, trucks, boats, motor homes, and any other recreational vehicles.

marital assets