Minnesota Divorce Issues – The Division of Assets and Debts

The division of assets and debts during Divorce is a process that requires financial expertise and significant attention to detail.  The division of assets and debts does not need to be mathematically equal, as addressed in Johns v. Johns, 354 N.W.2d 564, 566 (Minn. Ct. App. 1984).  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, partnerships and other assets).

Hire an Experienced Family Law Firm

It is important to hire an experienced and assertive Family attorney 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 are resolved at some point after the Initial Case Management Conference (ICMC).

Use of Financial Experts

In some cases, the parties choose to hire their own financial experts to perform financial calculations, projections and analysis based on the individual facts of the case.  This is quite common in cases regarding spousal maintenance (alimony) and the need for expert vocational assessments.

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, related Qualified Plan, ESOP, IRA, Real Estate, Brokerage Account, Business, S-Corporation or Pension.

Local Minneapolis Divorce Lawyers

Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office provides highly experienced and personalized 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: July 3, 2015Categories: Family Law Updates

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