Minnesota Divorce and Property Division – What Does Equitable Division Mean?

In Minnesota, the division of assets and debts in a Divorce does not need to be mathematically equal, as addressed in Johns v. Johns, 354 N.W.2d 564, 566 (Minn. Ct. App. 1984).  Equitable does not necessarily mean equal.  In most long-term marriages, however, an equal division is deemed appropriate (see Kaste v. Kaste, 399 N.W.2d 128, 130 (Minn. Ct. App. 1987).  Each asset on the balance should be assigned a present value (including real estate, retirement accounts, brokerage and bank accounts, investments, pensions, automobiles, businesses, intellectual property, partnerships and other assets).   

Financial Expertise and Divorce in Minnesota

A Divorce lawyer should have advanced financial education and acumen, including the ability to prepare a balance sheet listing correct present values (and to properly determine asset values when contested).  Your lawyer should understand brokerage accounts, including asset allocation, mutual funds, stocks and post-decree investment objectives.  In certain divorce cases, it is necessary to work with a CPA, Actuary, ASA or Real Estate Appraiser in order to provide valuations of various assets, such as a 401k or 403b account, 457 Plan, related Qualified Plan, IRA, Real Estate, Brokerage Account, Business, Intellectual Property, or Pension.

Hire an Experienced Minneapolis Family Law Firm

It is important to hire an experienced and assertive Family Law Firm who can effectively advocate your position during the case, and who understands every phase of the Family Law legal process, including various Alternative Dispute Resolution (ADR) processes such as Family Mediation and Early Neutral Evaluation (FENE and SENE).  Most Divorce cases (approximately 95%) are resolved at some point after the Initial Case Management Conference (ICMC) and prior to a Trial.

Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office Attorneys Randall A. Smith and Amber C. Bretl provide outstanding 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, Minnetonka, Maple Grove, Plymouth, Hennepin County, Ramsey County, St. Paul, Anoka County, Scott County and Wright County.

Please call 612-750-4843 or complete the Contact Us form to schedule an office consultation.

Attorney Randall A. Smith  612-750-4843

Attorney Amber C. Bretl     612-223-8925

Published On: January 20, 2016Categories: Family Law Updates

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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!

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