Assets in a divorce, or marital assets are either divided by the agreement of the parties or by the decision of the Court after a trial. Although the Court has significant discretion in the matter, marital assets are usually divided equally between the parties and nonmarital assets are awarded to the party whose property they were. Clearly, it is more cost effective if the parties can mutually agree to a division of the assets. However, where no agreement is reached, the Court will decide and it is important to know that the Court does not have to make an “equal” division. What the Court must do is to make a “fair and equitable” distribution of assets and it can and has awarded one party more than the other. In making a property division decision, the Court will take into consideration many factors. Some of those include the years of the marriage, the parties’ ages, health, occupation, income, skills, employability, estate, liabilities, needs, and ability for future acquisition of assets and income.
A review of the Court’s powers and responsibilities for the division of marital property can be made by clicking here.
If you are in or contemplating divorce and have a property division question, please call an experienced Minnesota divorce lawyer at Felix Law Office, P.A. at 952-894-8380.