Michael G. Martin Is An Experienced Property Division Attorney

Last updated on June 21, 2024

Hiring an experienced property division attorney is crucial if you are undergoing a divorce to protect your future financial stability. Family law attorney Michael G. Martin brings a depth of knowledge about Minnesota’s property division laws and court precedents that govern asset division.

Mr. Martin will help you distinguish your marital and nonmarital properties. He can help you identify and value complex assets and negotiate effectively on your behalf. If you and your soon-to-be ex cannot agree to the terms of your property division, he can help you with ensuring that all legal procedures, like the preparation of a Qualified Domestic Relations Order (QDRO) to divide specific types of retirement and pension plans, are handled correctly. He will provide strategic advice to minimize potential impacts and penalties associated with the division of retirement accounts and other financial assets.

Who Gets The House In Minnesota?

In Minnesota, the divorce process includes an equitable division of marital property. This division does not necessarily mean equal, but rather what is fair considering the circumstances of both parties. Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. In a Minnesota divorce, the division of property, including who gets the house, is a matter of equitable distribution.

If a divorcing couple cannot come to an agreement, the court looks to several factors to decide who gets what, including the marital home, in the divorce settlement. The court’s decision considers:

• Each spouse’s financial situation: The court will consider the income and assets of each spouse.
• Length of the marriage: Longer marriages may influence the division of assets differently compared to shorter marriages.
• Any prior marriages: Assets or obligations from prior marriages can affect the division.
• The age, health and occupation of each spouse: These factors can affect earning potential and needs.
• The presence of children: If the couple still has underage children, the court may award the house to the parent who has primary custody, to provide stability for the children.
• Contributions to marital property: This includes both financial contributions and nonfinancial contributions such as homemaking and child care.

Ultimately, the decision on who gets the house will depend on a variety of factors specific to the marriage. The goal is to ensure a fair allocation that supports a standard of living as close as possible to what was experienced during the marriage.

Division Of Nonmarital Property

Nonmarital property refers to assets that were owned by one spouse before the marriage or acquired by one spouse as a gift or inheritance, both before and during the marriage. These assets typically stay with the original owner post-divorce. However, complexities can arise if nonmarital property has been commingled with marital property. For example, if one spouse’s pre-marriage home becomes the family home and both spouses contribute to its upkeep and mortgage payments, determining the nonmarital and marital portions can be intricate. Clear documentation and tracing of assets are essential in these cases to protect the nonmarital claims.

Retirement Accounts And Their Division

Retirement accounts are often among the most significant assets subject to division during a divorce. They can be marital, nonmarital or a mix of both, depending on the date of contribution to the accounts. Splitting these accounts requires careful consideration to avoid substantial penalties and tax consequences. Implementation of legal documents such as Qualified Domestic Relations Orders (QDROs) are useful for dividing 401(k)s and pensions without triggering early withdrawal penalties. It’s crucial to evaluate the type of retirement account, the contribution timeline and the tax implications to ensure equitable distribution.

Divorce Property Concerns? MGM Law Office Provides Knowledgeable Advocacy

Michael G. Martin aims to secure a fair and equitable distribution of your property. He will help you protect your future financial interests. Call the firm in Minneapolis at 612-474-5568 or send an email to make arrangements for a consultation.