As an equitable distribution state, Minnesota law calls for marital property and debts to be divided in a fair and equitable manner. This does not necessarily mean a 50-50 split. The process involved with asset and debt division can be quite contentious, and the assistance of a qualified Rochester property division attorney can help to ensure that a fair agreement is reached.
At the law firm of Ryan & Grinde, Ltd., we have a substantial background representing clients in a wide variety of property and debt division matters, including high-asset marital estates involving complex executive compensation packages, privately held businesses and professional practices.
Identifying Martial Property
One of the most important parts of property and debt division is identifying which assets and debts should be included in the marital estate. Under the law, any asset that was acquired by either spouse after the date of the wedding can be considered marital property. While separate property — property owned by either spouse prior to the marriage — is not typically included in the division of assets, any increase in value to those assets may be considered part of the marital estate.
We work closely with you to understand your goals with regard to property division and pursue every available option to help you reach them. If disputes arise over whether a particular asset should be considered marital property or separate property, we will do everything in our power to resolve the matter in your favor.
Division Of Debt
As with marital assets, marital debts are also divided in an equitable manner. In some cases, the debt associated with a particular asset — such as a home or car — is assigned to the person who receives it. We will advise you on the potential tax implications of obtaining a particular asset and recommend an alternative strategy when appropriate. In every case, our only concern is to see that you are in the best possible situation following the divorce.
Talk To One Of Our Attorneys About Your Property And Debt Division Questions
Make an appointment at one of our southeastern Minnesota offices to discuss your case with a lawyer. You can reach our Rochester office by calling 507-218-7935, our Saint Charles office by calling 507-932-4461 or toll free by calling 888-399-7281. You may also contact our firm via email.