As part of any divorce the couple’s property and debt will be divided. Property division can be a complicated and contested process in any divorce.
The first step in any property division is to determine what property is “marital property” and what property is “non-marital property.” Nearly all property acquired (or debt incurred) during a marriage is considered “marital property.” It does not matter what name the property is in or who actually purchased it. ”Non-marital property” includes property acquired prior to the marriage, property controlled by a prenuptial agreement, and inheritances or gifts from a third party to only one spouse. Some property can have both marital and non-marital elements.
Generally, but not always, non-marital property remains with the party who has an interest in the property while marital property is divided between the spouses in a divorce. Minnesota law requires the division of marital property to be “fair and equitable.” While most people consider “fair and equitable” to be equal, an equal division is not required.
At Lewis Kannegieter & Wright, LLC our attorneys have experience handling cases involving complex property divisions.
