Minnesota Divorce – Marital and Non-Marital Property
In many Minnesota Divorce cases, a spouse owns property that may be non-marital, either in part or in whole. Property can be both marital and non-marital (for example: a house, a cabin, retirement accounts or business assets). If an asset is both marital and non-marital, it may be necessary for a CPA, Actuary or CFP to perform a financial analysis (also referred to as a forensic tracing) in order to determine the marital portion and the non-marital portion. In the Baker case of 2008, the Minnesota Supreme Court ended the long line of Court of Appeals decisions regarding whether there was active or passive appreciation of non-marital assets, and in Baker it was held that the husband’s non-marital retirement assets remained non-marital.
“Marital Property” refers to almost all property that you and your spouse received or acquired during the marriage, even during the times you were separated, including real estate, cabins, rental property, household goods, automobiles, boats, jewelry, antiques and other items.
“Non-Marital Property” refers to: (1) anything that you or your spouse owned before the marriage; (2) a gift, bequest or inheritance made by a third party to one but not the other spouse; (3) anything that you or your spouse received in trade for your non-marital property; (4) any increase in the amount of non-marital property; (5) anything you or your spouse received after the valuation date set by the Court; (6) anything referred to as non-marital by a valid antenuptial agreement.
During a Divorce, It is important to hire an experienced attorney who specializes in Divorce and Family Law cases, who has an advanced degree such as an MBA or CPA, and who can properly address complex legal issues during the case, including complex financial issues such as spousal maintenance, present value analysis of assets (including 401k, 403b, pensions, ESOP, and other retirement accounts), preparation of complex balance sheets, the discovery of hidden assets, analysis of Federal, Minnesota, Corporate and Partnership tax returns, high asset brokerage and financial portfolio asset review, and a firm understanding of equitable division as it applies to Minnesota divorce cases.
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office represents clients in Minneapolis, Edina, Bloomington, Golden Valley, Hopkins, Kenwood, Southwest Minneapolis, Linden Hills, Hennepin County, Ramsey County, St. Paul, Scott County, Washington County and throughout the Twin Cities.
Please call 612-750-4843 or complete the Contact Us form to schedule an office consultation.