The division of assets during a Minnesota Divorce is a process that requires financial acumen and significant attention to detail. The division of assets (as well as 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 marriages (particularly long-term marriages) an equal division is deemed appropriate (see Kaste v. Kaste, 399 N.W.2d 128, 130 (Minn. Ct. App. 1987). Each asset should be assigned a present value on the marital balance sheet (including Real Estate, Retirement Accounts such as a 401K, 403B or 457 Plan, Brokerage and Bank Accounts, Investments, Pensions, Automobiles, Businesses, Partnerships, S-Corporations, Intellectual Property and other Assets).
The Use of Financial Experts During Divorce
In Minnesota, the use of a CPA (in some case a neutral CPA pursuant to a Rule 706 Order) can provide valuable assistance with developing schedules to assist the parties with the division of assets and property during a Divorce. In some Divorce cases, other financial neutrals may be required in order to provide valuations of various assets and to provide tracing of non-marital assets (such as a 401k, 403b, 457, Related Qualified Plan, ESOP, IRA or Pension (including Pensions for Teachers, Nurses, Physicians, Nurse Practitioners, Carpenters, Professors, Electricians, Plumbers, Police Officers and Firefighter).
Highly Experienced Minneapolis Divorce Lawyers
It is important to hire an experienced and financially astute 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).
We Practice Exclusively in Divorce and Family Law
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