Handling Simple and Complex Property Division
Everything earned or acquired may be during a marriage may be divisible upon divorce. This includes the house and the car, the bank accounts and retirement accounts, the family business and the investments, etc.
At Law Offices of Richard D. Goff, we specialize in cases that involve complex property division issues.
Contact us today for more information about property division. We provide representation to clients in Minneapolis and the surrounding parts of Minnesota.
What Makes Property Division so Complex?
The first factor that adds complexity to property division is determining whether the property is "marital" or "non-marital" in nature.
- Marital property is essentially all property obtained during the marriage. With a few exceptions, this property is to be divided equitably during a divorce.
- Non-marital property is essentially all property that a person possessed prior to the marriage, as well as a few unique assets obtained during marriage, such as inheritances. This property is typically not subject to division during divorce.
Once the marital or non-marital characterization of the property in question has been determined, of the value of the property must be established for division purposes. While determining the value of some property, such as the house, may be fairly simple, determination of the value of some other assets may be much more complicated. Complex valuation issues arise when businesses, retirement accounts, artwork and collectibles, and other unique property is involved.
The Relationship Between Property Division and Other Aspects of Divorce
Property division is not determined in a vacuum. It is closely related to other aspects of divorce, particularly spousal maintenance. Sometimes a decision may need to be made between receiving more property and less maintenance or vice versa. Our attorney takes great care in helping clients evaluate the strengths and weaknesses of all options.
Our law firm brings more than 45 years of experience to every property division case we handle. Contact us today.
