“Who gets what” in a divorce can be a sticky issue, particularly when emotions are running high or one spouse feels that their hard work – or a career put on hold to raise children – has significantly affected their accumulation of wealth over the course of the marriage.
Will you have enough money to continue your lifestyle?
Will you have to sell a successful business simply to generate cash for your spouse?
If you’re concerned about division of property during a divorce, particularly if your assets are locked up in real estate, illiquid assets, or business interests, we can help.
Secure your legacy and peace of mind with an expert in your corner. Get in touch for a free consultation and ensure your assets are fairly and justly allocated.
Protect Your Assets During a Divorce with Expert Legal Guidance from Alithis Family Law
Generally speaking, the state of Minnesota sees property division during a divorce as straightforward: property acquired during a marriage is marital property and subject to equal division between parties.
Property acquired by one spouse prior to marriage is considered non-marital property that will not be subject to division during a divorce. The same goes for inherited property.
But dividing property fairly as a marriage comes to a close is almost never that easy.
Savings accounts, personal property, retirement plans, pensions, taxable investments, and business assets are all subject to division depending on a number of factors, but HOW they get “divied up” is complicated for many couples.
In the event that your divorce isn’t as amicable as one might hope, our experienced Minnesota divorce attorneys can help you understand your rights during property division, how property is divided most efficiently, and advise you how to move forward strategically.
Fair and Equitable Property Division With a Divorce: Common Problems We Work With
Dividing property during a divorce can be one of the more contentious and complex facets of unwinding a long-term (or even short-term) marriage.
Issues that our divorce attorneys commonly see as we work with clients to divide marital property include:
- Assumptions About Property Values – Spouses frequently disagree on fair value of marital property, particularly assets the are difficult to quantify traditionally, like art or heirlooms.
- Emotional Attachment – Obviously, your personal property carries meaning. When sentiment gets in the way of fair property division during a divorce, things can get messy quickly.
- Inaccurate Property Valuations – Outdated or biased valuations from friends, family, or even well-intentioned third-parties can cloud the division of property.
- Hidden Assets – In some cases, one spouse may attempt to hide assets to avoid splitting them. This deceptive practice can lead to further legal complications. An experienced attorney will understand the legal system and process for uncovering unknown or obfuscated assets.
- Tax Implications of Property Division – Individuals frequently misunderstand or overlook the tax implications of acquiring assets through property division during divorce, leading to unexpected financial burdens.
- Assignment and Division of Debt – In the same way assets are divided during a divorce, so too are debts and other financial obligations. Settling on division, and then re-titling and communicating with lenders, can be a slow but necessary part of property division during a divorce.
- Future Income from Assets – In some cases, future income from assets can be a substitute for ownership, and the length of time that these income streams exist, plus their present fair value, are a common point of negotiation during a divorce.
- Business Ownership Division – One of the more complex issues we deal with, dividing business assets during a divorce comes with unique valuation or even buy-out requirements.
- Prenuptial and Postnuptial Agreements: While these can help predetermine how assets are divided, they are also frequently contested by one spouse, or they may not cover all assets acquired during the marriage.
No matter your concern or how complex the situation, Alithis Family Law has the mediation and in-court experience to help you identify and value marital assets, maintain non-marital property efficiently, uncover hidden assets, and divide your property while safeguarding your future.
Let Alithis Family Law Help You Navigate Complex Asset Divisions with Precision and Care
Don’t leave it to chance – your financial future deserves clarity and fairness. Work with our dedicated property division experts today to transition into the next chapter of your life with confidence. Schedule a free consultation today.