In Minnesota, it is quite common for one spouse to own assets, property or real estate that is non-marital, either in part, or in whole. If an asset is both marital and non-marital, it is frequently necessary to perform a non-marital tracing of the asset, performed by a Neutral Actuary, CPA, ASA, CDFA, Real Estate Appraiser or similar Financial Professional to determine the marital portion, and the non-marital portion of the asset.
Marital Property in Minnesota
Under Minnesota law, “Marital Property” refers to almost all property that you and your spouse received or acquired during the marriage, even during the times you were separated, including real estate such as a home, cabin, condo, townhome or rental property, household goods, autos, boats, jewelry, antiques, firearms, collectibles and other items.
Non-Marital Property in Minnesota
Under Minnesota law, “Non-Marital Property” refers to: (1) anything that you or your spouse owned before the marriage; (2) a gift, bequest or inheritance made by a third party to one spouse, but not to the other spouse; (3) anything that you or your spouse received in trade for your non-marital property; (4) any increase in the amount of non-marital property; (5) anything you or your spouse received after the default ICMC valuation date set by the Court; (6) anything referred to as non-marital by a valid (properly drafted) antenuptial or prenuptial agreement.
Experienced Minneapolis Divorce Law Firm
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office represents clients in Minneapolis, Edina, Golden Valley, Hopkins, Southwest Minneapolis, Linden Hills, Kenwood, Hennepin County, Ramsey County, St. Paul, Scott County, Washington County Wright County and throughout the Twin Cities.
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