Dividing assets is a key feature of the divorce process, and also one of the most challenging. Minnesota couples who have spent decades in marriage will probably have several complex marital assets to address. Identifying some of these assets is not always straightforward, either.
Is there a pension?
Although pensions might not be as common as they once were, they still provide this form of deferred compensation. Pensions are generally considered marital assets if they were earned over the course of the marriage. As such they must be divided equitably, although doing so can be complicated. Most pensions have an estimated payment upon retirement, which is not always accurate. Having a pension professionally valued might provide further insight in how to properly handle it.
What about restricted stock units?
Restricted stock units are also considered deferred compensation, and are quite often marital property. However, these generally cannot be transferred to another person, making handling them during property division somewhat complicated. Property division will have to be handled in such a way that properly accounts for the deferred stock units. If one is unsure whether an ex has any deferred stock units, it might be helpful to consider whether he or she works in any of the following industries where this form of compensation is common:
- Executive level corporate jobs
Failing to account for these types of marital assets can negatively impact one’s financial future. However, few people in Minnesota may feel as if they are capable of hunting down hidden and complex assets prior to entering property division. This is why it can be helpful to speak with an attorney who is knowledgeable in Minnesota family law first.