Luxury Assets And Cabins In Minnesota Divorce

Cabins and lakefront properties are an important commodity for families in Minnesota. These and other luxury properties are often ones in which people have a lot of emotional as well as financial investment. These are delicate assets to preserve as they are, and you will need experienced legal help in tackling that.

At Dwire Law Offices, attorney Todd Dwire has spent his whole life around Lakeville, growing up and practicing family law in the community. He knows the special affection people have for their lake houses and other luxury assets, and how much difficulty can arise in divorce when these assets become central pieces of a negotiation. He’s here to help you understand what you can do to protect yourself and your property in your divorce.

Equitable Division And Vacation Homes In Minnesota

Despite the connection that you may have to your lake property, it will be resolved in court as any other piece of property in a Minnesota divorce. From art collections to cabins, all marital property undergoes equitable division, so the question becomes, “Is your cabin part of the marital estate?”

Typically, all property owned prior to a marriage or inherited by just one person in the marriage is separate property. However, this can be complicated by many factors, including:

• Updates to the property using marital assets such as your income
• Use of the vacation home as a regular home, treating it as marital property
• Active attempts to share ownership
• A massive increase in the value of the property
• Use of the home as an income property, with income deposited into a joint account

When the lines between separate and marital property blur, that opens up the property to potential divorce and property division.

What Happens To Real Estate And Luxury Assets In Property Division?

Homes, art, boats and any other luxury items are not as simple to divide as a bank account or investments. Both sides must come to an agreement on what to split and how, and these agreements are often extremely difficult negotiations.

In the worst-case scenarios, the solution could be liquidation – the sale of these goods to a third party – which would allow a simpler division. In undeveloped real estate, a partition agreement could be reached, where the property is legally divided.

It’s going to be a process of difficult choices that you will undergo during divorce and property division. However, attorney Dwire will be with you throughout these discussions and difficulties, providing you with guidance and insight into what you can and cannot do to protect the property you hold dear. Your next steps will be about building your priorities and making wise decisions.

Is A Buyout The Answer?

Buyout strategies are a major tool we can consider when creating our legal strategy to preserve properties like homes. However, a buyout can also create certain tax implications. The process for resolving this will likely be a long, emotional negotiation. However, you can count on attorney Todd Dwire to provide you with diligent, determined and strong representation throughout your case.

We Provide Answers And Guidance

Your case is going to be unique strictly because your needs, priorities and worries are unique – you may have a family cabin passed down through three generations or an art collection you built up over a lifetime.

At Dwire Law Offices, Todd Dwire is the attorney people across Lakeville can trust with the most difficult legal problems. We understand the realities you face under Minnesota law and will work diligently to help you know what is ahead and how to overcome it. Reach out to us by phone at 952-232-0179 or send an email using this online form to get started.