Minnesota Divorce – The Division of Assets and Debts

In Minnesota Divorce cases, the division of assets and debts 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).  However, in most long-term marriages, an equal division is appropriate (see Kaste v. Kaste, 399 N.W.2d 128, 130 (Minn. Ct. App. 1987).  Each asset should be assigned a present value (including real estate, retirement, brokerage and bank accounts, investments, pensions, vehicles, businesses and other assets).   

Financial Expertise and Divorce

A Divorce lawyer should have advanced financial education and acumen, including the ability to prepare a balance sheet listing correct present values.  Your lawyer should understand brokerage accounts, including asset allocation, mutual funds, stocks and 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, related Qualified Plan, IRA, Real Estate, Brokerage Account, Business or Pension.

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).

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, South Minneapolis, Southwest Minneapolis, Linden Hills, Plymouth, Maple Grove, Hennepin County, Ramsey County, St. Paul, Minnetonka, Wayzata, Anoka County, Wright County, St. Louis Park and Scott County. 

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

Randall A. Smith – Principal Attorney    612-750-4843

Amber C. Bretl – Associate Attorney      612-223-8925

Published On: May 15, 2015Categories: 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!