Understanding Equitable Distribution In Minnesota
Unlike some states, which divide all marital assets equally, Minnesota is what is known as an “equitable distribution” state. While no one could fault you for thinking that means the same thing, it could not be further from the truth.
That is why when it comes to distributing marital assets in a divorce, people turn to Dwire Law Offices, P.A., in Lakeville for answers. Attorney Todd Dwire can walk you through the property division process and craft a legal strategy that meets your unique needs and goals.
What Does ‘Equitable’ Mean?
In Minnesota, if you and your spouse cannot forge a property division settlement, then a judge can divide property in an “equitable” manner. This does not necessarily mean 50-50. For example, if your spouse relied upon you for income and did not work, you may lose a great deal of assets to help support him or her after the divorce.
For young couples who have not been married long and who have not accrued a great deal of assets, this may not be as important of an issue. However, for long-term marriages, experienced legal guidance will be a necessity to protect your claim to certain assets.
If you and your spouse have assets such as retirement accounts, business ownership interests, properties, cars, and luxury items like art, cars and jewelry, consider working with a lawyer like Todd Dwire to learn about possible outcomes. Our firm prides itself on providing straight-forward, rational legal advice. We will let you know when we think is the right time to fight and when it may work better to seek an agreement.