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Divorce tends to be more complex, the more assets you have

There are a few things that every divorce that takes place in Minnesota has in common. The most obvious thing is that the parties are spouses, and at least one spouse no longer wishes to be married to the other.

Then there is division of property. Virtually every married couple amasses marital assets and debts during their time together. Marital assets are valuable items, like bank accounts and the family home, that are legally considered to belong to both spouses, even if only one spouse earned an income during the marriage.

 

However, different couples have different levels of income and financial resources at their disposal. For couples of modest means, there may not be any real estate or large retirement account to divide up in negotiations or have the judge split up. Instead, dividing up the marital property could be fairly simple.

For those couples with higher net worth, divorce can be a more complicated matter. It is likely that both parties will want a large portion of marital assets like:

·         Real estate

·         Stocks and bonds

·         Retirement accounts

·         Deferred income

·         Collectibles and memberships, such as in a country club

Unless the couple has a prenuptial or postnuptial agreement, negotiating a settlement can become contentious, and the judge may be forced to step in and impose an equitable division.

Of course, none of this takes into account questions of child custody, parenting time and child support, all of which can complicate a divorce as well. Either way, you will need a knowledgeable divorce attorney to help you navigate toward a fair settlement.

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Marvin Law Office, L.L.C.

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