Ending a marital union is far from a simple process emotionally. However, it can be just as daunting financially, particularly for couples who have high-value property. Here is a look at how the property division process works during a divorce proceeding in Minnesota.
Minnesota is an equitable distribution state, as are most states in the United States. This means that any assets that two married individuals have accumulated between their marriage and separation dates have to be divided in what a judge believes is a fair manner. As a result, one party may end up getting 70% of the assets, whereas the other party received 30% of them if they contributed less effort to attaining these assets.
Still, if two people can work out their own agreement for dividing their assets, they do not have to rely on a judge to handle property division for them. This agreement can be created through an alternative dispute resolution process, such as mediation or informal negotiations. The assets that divorcing couples have to divide may range from houses to cash, cars, artwork, jewelry and other valuable assets.
The benefit of settling a divorce outside of court is that it is less time consuming, less costly and less stressful than going to divorce trial. Still, not all divorce matters can be resolved through mediation or negotiation, in which case, a judge has no choice but to get involved. Either way, an attorney in Minnesota will pursue the most ideal outcome for the client, keeping his or her best interests at the center of the divorce proceeding.