PROPERTY DIVISION 

Under Minnesota law, there are two types of property associated with marriage.

"Marital Property" refers to almost all property that you and your spouse received or acquired during the marriage, even during the times you were separated, including real estate, cabins, rental property, household goods, automobiles, boats, jewelry, antiques and other items.   

"Non-Marital Property" refers to: (1) anything that you or your spouse owned before the marriage; (2) a gift, bequest or inheritance made by a third party to one but not the other spouse; (3) anything that you or your spouse received in trade for your non-marital property; (4) any increase in the amount of non-marital property; (5) anything you or your spouse received after the valuation date set by the Court; (6) anything referred to as non-marital by a valid antenuptial agreement.  

Property can be both marital and non-marital (for example: a house or cabin).  If an asset is both marital and non-marital it is sometimes necessary to perform a neutral financial analysis (also referred to as forensic tracing) in order to determine the marital portion and the non-marital portion.  

When a marriage is dissolved Minnesota courts will make a fair and equitable division of the marital property of the parties.  Equitable does not necessarily mean equal.  Many factors are used to determine what is fair and equitable including the length of the marriage, the income of the parties, the liabilities of the parties, the education of the parties and several other factors (including the opportunity for the future acquisition of capital assets).  An equitable division of property is the overriding statutory requirement in Minnesota.  Equitable division can be something other than a 50:50 division of property.                 
 
Please call to speak with a lawyer regarding property division and divorce.  
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Attorney & Mediator Randall A. Smith is the founder of Lake Harriet Law Office & Mediation Services, LLC.  Mr. Smith earned his B.A. Degree from Hamline University, his J.D. Degree from Drake University Law School and his M.B.A. Degree from the University of St. Thomas. 

Mr. Smith has practiced law since 1996 and is licensed in all Minnesota Courts and in United States Tax Court.  He is a Minnesota Rule 114 Neutral Mediator for Family & Civil cases and he performs Social and Financial Early Neutral Evaluations (ENE) in divorce cases.