How Property Division Works in Divorce Proceedings
When couples divorce, the division of property is often one of the most highly contested matters they experience. The assets that may have been shared in one household must now be divided and making this transition can be difficult. But the attorneys at Mack & Santana Law Offices, P.C., are here to help. Our Minneapolis attorneys use years of experience and an in-depth knowledge of the law to help you achieve equitable results in property division matters.
In Minnesota, courts divide marital property equitably based on a series of factors. Equitable division does not necessarily mean 50-50, although it is often divided that way. Equitable division of assets can become complex, however, when couples argue over the value of property and whether or not that property is “marital” or “nonmarital.”
Classifying an asset correctly is important because it can have a significant impact on an individual’s financial future after divorce. Individuals who believe some of their assets are nonmarital should establish a nonmarital claim early in the divorce process.
Divorce and Debt Division
The poor economy has negatively affected many couples. These people find themselves out of work, upside down on their mortgages and overwhelmed by debt. When a divorce happens, debt that was acquired during the marriage is divided in the same manner as marital assets.
We can help you explore solutions that help you deal with your debt. We can refer you to a highly regarded bankruptcy attorney who we know and trust. We can also help you explore other solutions. Our attorneys work closely with tax experts and are of counsel to real estate attorneys, corporate attorneys and bankruptcy attorneys, which enables them to present you with options for handling your debt in your divorce.