Division of Assets and Liabilities - St. Louis Park Attorney

Minnesota is an equitable division state when it comes to the division of assets and liabilities in divorce. Equitable division means assets and liabilities are divided in a way that is fair, which is not automatically a 50/50 split between the parties.

When you contact my firm — SJS Family Law — I can help clarify some of the misconceptions about property division and educate you about how your property may be divided. I help individuals in St. Louis Park and throughout Minnesota divide their debts and property during divorce.

Marital Versus Non-Marital

Marital property includes all assets and liabilities that were incurred during the course of the marriage. It does not matter whether an asset or liability is held in the name of one spouse or both. Examples of marital property include:

  • Bank accounts
  • Retirement accounts
  • Investment accounts
  • Real property, such as cabins and vacation property
  • Business interests
  • Timeshares
  • Motor and other recreational vehicles
  • Airline miles
  • Hotel points
  • Credit card debt

Non-marital assets and liabilities are those that were incurred outside the marriage. Assets obtained during the marriage may be excluded from being considered marital property if named in a prenuptial or postnuptial agreement, if gifted specifically to one spouse or if inherited.

Considering Tax And Other Financial Consequences

The division of marital property is one of the most complicated areas of divorce. There can be tax and other financial consequences associated with decisions regarding marital property. In many cases, additional documentation and filings are required to properly effectuate a marital property settlement.

I work with clients to accurately valuate financial investments, including plans that do not have an immediate financial value and plans which will change in value. I also draft and file qualified domestic relation orders (QDRO) to help ensure my clients receive their fair share of investments.

Learn more about counsel an experienced lawyer can provide by scheduling a consultation. I am attorney Stephanie J. Sternke, and I can be reached through an online contact form or by calling 612-568-5967.