Protecting Your Interests During Property Division
During divorce, one of your greatest concerns may be dividing property with your spouse while protecting your financial security. Minnesota practices equitable division of marital property, meaning that the court looks for a fair division of assets. However, this does not guarantee a strict 50-50 split. Several factors go into dividing assets and debts, such as each spouse’s earning potential, the length of your marriage and your child custody arrangement.
Partner With An Experienced Attorney
To encourage a fair division, it is critical to partner with an experienced family law attorney who is skilled at correctly classifying and valuing financial holdings, businesses and retirement accounts. Attorney Steve Rolsch of Rolsch Law Offices has over 30 years of experience. He takes a detailed approach to property division, working with you to identify all marital property and determining proper values.
Types Of Property
Your family’s assets can fall into three categories: marital, separate and commingled. Marital property concerns assets acquired during marriage. This property is subject to equitable division. Each spouse’s separate property is not divided. This type of property was acquired before marriage or is:
- A personal gift
- Assets awarded by a court
- Inherited property or assets
- Exclusions within an existing prenuptial agreement
Commingled property begins as separate property, such as a business owned before marriage, but currently benefits from the support of both spouses. In these situations, commingled property needs a valuation professional to determine the level of marital value of the property.
In addition to dividing assets, you may need to equitably divide debt. Our team carefully helps you divide assets and debts to ensure a fair settlement and to promote long-term financial security.
Contact Us Today To Discuss Your Options
We understand the stress that accompanies dividing your hard-earned assets. Call Rolsch Law Offices at 507-280-1943 or toll-free at 800-356-1943 to schedule an initial consultation. You may also contact our Rochester office online. We can answer all your questions and help you enter the division process with confidence.