Prior Lake Property Division Attorneys
Minnesota is an equitable distribution state. During a divorce, the court will strive to divide assets and debts in a manner that is fair, not necessarily equal. Many people find this issue confusing, but with a lawyer’s help, you can protect your property rights.
At Julius and Shaughnessy, we have considerable experience with the division of modest estates as well as large estates with complex assets. We will help you address all of your property division concerns, including ways to avoid tax penalties. Whether you have straightforward assets or are involved in a high-asset divorce, our Prior Lake property division attorneys have the skill to represent you.
Dividing Marital Assets And Debts
Before dividing property, we must determine whether assets and debts are marital or nonmarital. Generally, if they were acquired during the marriage, they are considered marital property. Nonmarital property typically includes assets that are either:
- Owned by one party prior to the marriage
- Designated as separate property in a prenuptial agreement
- A gift or inheritance received by one party
If you can trace your ownership of an asset from the date of acquisition, it cannot be awarded to your spouse.
Marital debts are also subject to equitable division. It is important to realize that if your name is on the title of a mortgage or other loan, the lender will consider you liable for the debt, regardless of your marital status. Make sure you discuss loan liability with your attorney before signing a divorce agreement. We have experience with mortgages that are underwater or that have little or no equity. We can help you determine what options are available to you.