Minnesota Divorce and the Division Of Property – What Are You Entitled To?
During a Minnesota Divorce case, parties frequently have issues regarding the division (and proper valuation) of property and assets. Minnesota law requires an “equitable division” of assets (and the same applies to debts). The division is quite often something other than 50:50, and there is no requirement that the division be precisely equal. In many cases, the parties simply agree to divide the assets and debts on the balance sheet equally. There is significant Minnesota case law, including several recent Minnesota Court Of Appeals decisions, that again state again that the division of assets need not be “equal,” only equitable.
Hire a Divorce Law Firm with Advanced Financial Acumen
When choosing a Divorce lawyer, you should inquire about their financial acumen, as well as their understanding of advanced financial issues such as present value calculations of property and assets. In certain Divorce cases, it will be necessary to work with a CPA, ASA, Actuary or Neutral Real Estate Appraiser in order to provide neutral valuations of various assets, such as a 401k, 403b, other Qualified Plans, IRA, Brokerage Accounts, Pension, Businesses or Real Estate. In addition, a neutral expert can perform a non-marital tracing of financial accounts and real estate which can result in significant cost savings for the parties. In some cases, the parties choose to hire their own financial experts to perform financial calculations, projections and analysis based on the individual facts of the case.
We are located in Linden Hills
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office provides highly experienced and personalized 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, Southwest Minneapolis, Linden Hills, Plymouth, Hennepin County, Ramsey County, St. Paul, Anoka County and Scott County.
Please call 612-750-4843 or complete the Contact Us form to schedule an office consultation.
-Randall A. Smith