Equitable does not necessarily mean equal (check Black’s Law Dictionary). In Minnesota Divorce cases, the division of Assets and Debts does not need to be mathematically equal, and you are not entitled, under Minnesota law, to “exactly half .” Minnesota Statute 518.58, subd. 1, states that the District Court is required to make a “just and equitable” division of assets (the same rule applies to the division of marital debts). See also Lynch v. Lynch, 411 N.W.2d (Minn. Ct. App. 1987).
Present Value and Asset Valuation
During a Minnesota Divorce, Each asset on the marital balance sheet should be assigned a present value – if possible (including Real Estate, Retirement Accounts such as a 401K, 403B or 457 Plan, Brokerage and Bank Accounts, Investments, Pensions, Automobiles, Businesses, Partnerships, S-Corporations, Intellectual Property, Antiques, Collectibles and other Assets). In some case, the asset value is merely speculative, which can present additional issues for the parties to the case.
Financial Experts During Divorce
In Minnesota, the use of a CPA (in some case a neutral CPA pursuant to a Rule 706 Order) can provide valuable assistance with developing schedules to assist the parties with the division of assets and property during a Divorce. In some Divorce cases, other financial neutrals may be required in order to provide valuations of various assets and to provide tracing of non-marital assets (such as a 401k, 403b, 457, Related Qualified Plan, ESOP, IRA or Pension (including Pensions for Teachers, Nurses, Physicians, Nurse Practitioners, First Responders and Professors.
We Practice Exclusively in Divorce and Family Law
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office Attorneys Randall A. Smith and Amber C. Bretl provide outstanding legal representation exclusively in the areas of Divorce and Family Law.
Lake Harriet Law Office represents clients in Minneapolis, Edina, Bloomington, Golden Valley, Hopkins, Eden Prairie, South Minneapolis, Southwest Minneapolis, Linden Hills, Plymouth, Maple Grove, Hennepin County, Ramsey County, St. Paul, Minnetonka, Wayzata, Wright County, St. Louis Park and Scott County.
Please call 612-750-4843 or complete the Contact Us form to schedule an office consultation.
Randall A. Smith – Managing Attorney 612-750-4843
Amber C. Bretl – Associate Attorney 612-223-8925
Chinyere Okwulehie – Student Attorney 612-223-8925