In Minnesota Divorce cases, an equitable division of assets does not need to be mathematically equal, and you are not necessarily entitled, as a matter of law, to one half of the marital assets (although most family lawyers typically explain asset division to their clients in this manner). In some Divorce cases, the parties agree to divide the assets equally; this tends to be the case in many long-term marriages. There is significant case law, including several recent cases from 2012 and 2013, that properly rule that it is not mandatory for the division of assets to be equal (and the same applies to the division of marital debts).
In Minnesota, there is no statute or case law 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 Neutral 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. Proper valuations are required for retirement accounts, including 401k, 403b and IRA accounts.
In Hennepin County Divorce cases, some of the most frequently litigated disputes 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.
Your Divorce will be handled with professionalism, precision and attention to detail – from the inception of the case to the conclusion of the case. Make sure to hire a Divorce lawyer with significant financial acumen and expertise in asset and debt valuation.
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office provides experienced and personalized legal representation exclusively in the area of Family Law – we do not represent clients in other practice areas.
It is important to have an experienced and assertive attorney who can effectively advocate your position during the case and who understands every phase of the Family Law legal process. Most Divorce cases are resolved after the Initial Case Management Conference but before the Trial.
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.