It is quite common for one spouse to own assets or property (Real Estate, Retirement Account, Pension, Investment Account, etc.) that is non-marital, either in part, or in whole. If an asset is both marital and non-marital, it is generally necessary to perform a non-marital tracing of the asset, performed by an Actuary, CPA, CFP, Real Estate Appraiser or other Financial Professional in order to determine the marital portion and the non-marital portion of the asset.
In 2008, the Minnesota Supreme Court ended the long line of Court of Appeals decisions regarding whether there was active or passive appreciation of non-marital assets; in Baker it was held that the husband’s non-marital retirement assets remained non-marital in what is viewed as a very well researched, and well written opinion by the Court.
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, condominium, townhome or other rental property, household goods, automobiles, boats, jewelry, antiques, firearms, collectibles and other items.
In Minnesota, “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 but not 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 valuation date set by the Court; (6) anything referred to as non-marital by a valid antenuptial agreement.
Located in the historic Linden Hills neighborhood of Minneapolis, Lake Harriet Law Office represents clients in Minneapolis, Edina, Bloomington, Golden Valley, Hopkins, Southwest Minneapolis, St. Louis Park, Linden Hills, Roseville, Hennepin County, Ramsey County, St. Paul, Scott County, Washington County and throughout the Twin Cities.
Please call 612-750-4843 or complete the Contact Us form to schedule an office consultation.