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Knowledge of marital assets is key to property division

Whenever a couple files for divorce in the state of Minnesota, they must first settle a number of important legal matters. The most common divorce-related legal matters that couples must address include alimony, child support, child custody and property division. Property division or the divorce asset split is often the most difficult and time-consuming aspect that most couples will deal with during their divorce proceedings.

Whenever a couple is negotiating property division, it is best to begin by getting an accurate account of all the property that is in play. Couples can generally choose to divide property however they like. However, if a dispute arises, it is important to understand that Minnesota is an equitable distribution state rather than a community property state. The factors for dividing property in an equitable state are a bit more complex.

In an equitable distribution state, the court divides marital property according to a variety of factors based on what is "fair" rather than a simply splitting the marital assets right down the middle. Marital assets include all property that is acquired during the course of the marriage. This can include everything from real estate to frequent flyer miles.

Regardless of the couple's final goal, it is vital to get a full and accurate accounting of everything available for distribution during the divorce proceeding. In some cases, this may require obtaining a property valuation of certain assets. It is important that Minnesota residents ensure that their interests are fully protected during the divorce.

Source: Forbes, "Divorce: Who Gets The Air Miles?" Jeff Landers, June 26, 2013

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