A just and equitable division of assets does not need to be mathematically equal, and you are not necessarily entitled, as a matter of law, to “half of your half” (although this is how family lawyers frequently explain asset division to their clients). In many divorce cases, the parties simply agree to divide the assets equally; this tends to be the general rule in most long-term marriages. However, there is ample case law, including several recent case (post-2010) that properly rule that it is not mandatory for the division of assets to be equal (the same applies to the division of marital debts). There is no statute (or case law) in Minnesota that specifies that you will receive exactly one-half of the marital estate. When hiring a Divorce lawyer, it is important to work with someone who has an exceptional understanding of the financial issues that can impact a couple during (and after) a Divorce. The preparation of a correct balance sheet that identifies the present value of assets and debts is vital for the proper negotiation (and settlement) of the financial portion of a Divorce case. In some Divorce cases, it is also necessary to work with a Financial Planner, a CPA and sometimes an Actuary in order to provide the best possible framework for future success after the Divorce has been completed. High asset and high net worth Divorce cases provide additional issues that sometime require creative methods for the division of assets (such as stocks, business interests, real estate and investment portfolios). In some Divorce cases, a Trial is necessary in order to provide the best opportunity for the resolution of the contested case issues. Some of the most frequently litigated disputes in divorce cases include the division of assets and debts, temporary and permanent spousal maintenance (alimony), child support and child custody, parenting time (visitation), retirement account (401k, 403b, etc.) and pension valuation, non-marital claims in assets and business-related issues related to income and valuation.
Lake Harriet Law Office represents clients in Minneapolis, Edina, Bloomington, Golden Valley, Hopkins, Eden Prairie, Southwest Minneapolis, Linden Hills, Kenwood, Hennepin County, Ramsey County, St. Paul, Wright County, Anoka County and Scott County. Please call 612-750-4843 to schedule a consultation with experienced Minneapolis Family Lawyer and Mediator Randall A Smith.