When a married couple is divorcing in Minnesota, their divorce decree must resolve the issue of property division. All assets and debts of the parties must be divided between the parties.
Minnesota law requires that there be a “just and equitable division” of the parties’ marital property.
In addition to determining the values of the parties’ marital property and determining what a “just and equitable division” of said property looks like, the following needs to be considered:
Is there any nonmarital property? How is the value of that nonmarital property calculated? Will any nonmarital property be awarded to the other spouse in order to prevent “unfair hardship”?
What is the valuation date? Minnesota law states the following in regards to the valuation date: “The court shall value marital assets for purposes of division between the parties as of the day of the initially scheduled prehearing settlement conference, unless a different date is agreed upon by the parties, or unless the court makes specific findings that another date of valuation is fair and equitable. If there is a substantial change in value of an asset between the date of valuation and the final distribution, the court may adjust the valuation of that asset as necessary to effect an equitable distribution.”
In order to determine whether a proposed division of marital property is “just and equitable,” the parties need to make full disclosure of their assets and debts to one other. When one party is not being cooperative or honest, it becomes difficult to easily reach a “just and equitable” property settlement.
Elizabeth Rosar Chermack is a lawyer with an office in Dakota County, and can represent you in your divorce. Call (952) 491-0390 or send an email to liz@chermacklaw.com to schedule a consultation with Liz.
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