Property & Debt Division

Minnesota Property & Debt Division Lawyer

One area that is commonly contested in divorce is the division of property. Both parties may want the same pieces of property or are unsure where to start when dividing the property. There is also the division of debt. Just as marital property is divided, so is debt that is acquired during the marriage. This is considered to be fair and equitable so that one spouse does not have to shoulder more than the other based upon their individual financial situations.

Nonetheless, the first place to start is to hire a Minnesota divorce lawyer to help you determine which is marital property and which isn’t. You can then make requests for what you wish to keep. You may or may not be able to keep that property depending upon the requests of your spouse and what the judge decides in the end. It is important to note that property and debt are both equitably divided. Both are divided based upon the assets and income of each party.

Non-Marital Property

There may be some property types that are acquired before the marriage, which makes that property non-marital. There may also be property acquired during the marriage that can be considered non-marital. Such is true when one spouse has received an inheritance from a third party, if a valid prenuptial agreement excludes that property, and if the property was acquired after the valuation date.

Marital Property

Marital property is the property acquired during the marriage. All property acquired during this period is considered marital unless criteria exists that classifies it as non-marital. When the judge divides this property, he or she will do so based upon assets an income. For example, the spouse with the ability to buy a new home may not be awarded the marital home. If children are involved, the custodial parent may be awarded the marital home. If there are two cars, each have to have a way to drive to and from work. If a couple cannot decide on how to divide the assets, then a judge will decide for them.

Debt Division

And just as property is divided equally, debt is as well. It does not matter who acquired the debt during the marriage. Again, income and assets are looked at to determine who is better equipped to deal with the debt. If you have any questions regarding this process, your Minnesota property & debt division lawyer can answer all of those questions for you and help you account for all of your debt so that all debt is on the table when it is to be divided. The more accurate the information when it is first presented, the faster the process will be completed.

Contact A Minnesota Divorce Lawyer

If you are facing property and debt division issues, you need a divorce lawyer who understands how difficult and stressful the situation is on you. You need someone who can provide quick answers accurately. To learn more, call the Liebmann Law Office at 952-882-1227 to schedule your free 30 minute telephone consultation.