Divorce is rarely uncomplicated, especially when dividing assets. Making matters worse is the lack of uniformity among the several states. Each state has its own rules about property division. Understanding these laws is the key to understanding what a person will, or will not get, in a divorce, but before any of the legalities can come into play, the couple must first figure out what is at stake. That is why making an inventory is so important. Minnesota couples considering divorce will find the following piece on inventorying assets in a divorce helpful.
Before a couple contacts their attorney to learn the dirty details about Minnesota property and divorce laws, it is important to sit down with a knowledgeable professional and take stock of what is truly at stake.
For some couples, not surprisingly, there may be little to divide, while others might have substantial assets. Listing out all of the debt, whose debt it is, whether the debt was brought into the marriage or incurred in the course of holy matrimony, is a good place to start. Once the debt is all squared away the next step is to list out the assets.
Listing out all of the assets is significantly more fun than accounting for all the debt, but it still comes with its fair share of headaches. For one thing, property valuation is not always easy. Plus, the couple might not always agree on the valuation of a given asset. Finding a neutral appraisal is important to doing this quickly. Once the assets are valued, it is again helpful to determine which assets are marital property and which are non-marital property.
With an accurate and detailed list of assets and liabilities the next step, dividing the assets, will be considerably easier. And easier equals quicker, and, more often than not, cheaper.
Source: CBS Boston, "How To Divide Up Assets And Debt In Divorce," Dee Lee, July 31, 2012
No Comments
Leave a comment