What am I entitled to in a divorce in Minnesota?
Because there are so many misconceptions about marital property, it’s easy to get taken advantage of if you don’t have a lawyer or haven’t done your research. So let’s talk about marital property division and what spouses are entitled to in a divorce in Minnesota.
Here’s an infographic we made, otherwise just scroll down for more information regarding the question, “What Am I Entitled To In A Divorce In Minnesota?”
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.
Property Entitled to in a Divorce in Minnesota
Typical examples of marital property can include:
1. Real estate, most often this will be the home the couple shared, but it also can include other real estate and even recreational property the couple owns.
2. Investments, like stocks or mutual funds. Similar to real estate, it doesn’t matter who holds the title on the property.
3. Bank accounts, including checking and savings accounts. Again, this is regardless of whether the accounts are jointly owned or not.
4. Insurance policies, particularly in cases in which the policy has a cash value.
5. Retirement accounts, regardless of whose name it’s in. These can include 401(k)’s, 403 (b)’s, IRA’s, and Pensions, among others.
6. Business interests, most typically when this is an issue, it’s a family business.
8. Vehicles, including cars, trucks, boats, motorhomes, and recreational vehicles.