Divorce – Asset Division

A just and equitable division of marital assets does not need to be mathematically equal.  An award of 53.8 percent of the marital estate to the Wife and 46.2 percent to Husband was upheld in the case of Trosvig v Trosvig, A-10 (Minn. Ct. App. May 31, 2011).  During divorce, the division of marital assets does not require that each party receive “one-half.”  In many divorce cases, the parties simply agree to divide the assets equally, and this is the general rule in long-term marriages.  However, there is ample case law that properly addresses that it is not mandatory for the division of assets to be equal (the same applies to the division of marital debts).  The division of assets and debts will depend on the individual facts and circumstances of the case.  There is no statute (or case law) in Minnesota that states that you will receive one half of the marital estate, although some lawyers incorrectly assume that this is the law.  In long term marriages, there is a presumption that equitable essentially does mean equal with regard to asset division.

Some of the primary dispute in divorce cases include division of assets and debts, spousal maintenance (alimony), child support, child custody, real estate issues, parenting time, retirement account and pension valuation, non-marital claims and business issues related to income and valuation.  In some divorce cases, it is necessary to use a financial neutral, such as a CPA, Actuary, CFP, Real Estate Appraiser, or other financial expert to properly value (and/or trace) marital and non-marital assets.  Lake Harriet Law Office successfully represents clients in Minneapolis, Edina, Bloomington, Golden Valley, Hennepin County, Ramsey County and Scott County.

Please call 612-750-4843 to schedule an office consultation to review your Divorce case, or click on Contact Us.

Lake Harriet Law Office represents clients in Minneapolis, Edina, Eden Prairie, Bloomington, Golden Valley, Hopkins, Eden Prairie, Southwest Minneapolis, Linden Hills, New Hope, North Oaks, Hennepin County, Ramsey County, Richfield, St. Paul, St. Louis Park, Stillwater, Washington County, Wright County, Anoka County and Scott County.

 

Published On: November 24, 2012Categories: Family Law Updates

Share This Story, Choose Your Platform!

Want To Learn More?
Call Us Today!

We represent clients throughout the Minneapolis area in Divorce, Financial Issues, Child Custody, Child Support, Parenting Time, Property and Asset Division, Spousal Maintenance and more!

Call 612-750-4843