Minnesota Divorce Update – Top Questions Regarding Asset and Debt Division.

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).   

Use of a CPA or Actuary During 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.

We Practice Exclusively in Family Law

Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office provides highly- experienced and personalized legal representation exclusively in the area of Divorce and Family Law.

Attorneys Randall A. Smith and Amber C. Bretl of 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, Scott County and Washington 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: March 17, 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!