What Is Marital Vs. Nonmarital Property?
When it comes to property division, Minnesota is an equitable distribution state, which means property is to be divided equitably, though not always equally, between divorcing spouses. In order to devise a fair distribution of property, a court’s first step is to identify a couple’s property (including assets and debts) and characterize it as nonmarital or marital property.
How Do Courts Identify Marital Vs. Non Marital Property?
Nonmarital property includes any real or personal property acquired by either spouse before, during or after the marriage that:
- Is acquired as a gift, bequest, devise or inheritance made by a third party to one but not to the other spouse
- Is acquired before the marriage
- Is acquired in exchange for or is the increase in value of nonmarital property
- Is acquired by a spouse after the valuation date
- Is excluded by a valid prenuptial or postnuptial agreement
What Qualifies As Marital Property?
On the other hand, marital property consists of all property acquired at any time during the marriage, regardless of whose name is on the property. These assets will be divided between the spouses, and may include real property, personal property, businesses, automobiles, savings accounts, stocks, bonds, pension plans, retirement plans and other items of value.
Contact Us To Protect Your Assets
Categorizing property as marital or nonmarital is complex, and how it is sorted can have substantial financial repercussions. The family attorneys at Bowden Cyr, PLLC, help clients characterize assets, making claims to nonmarital property when appropriate and identifying any and all marital assets and liabilities that may be subject to property division.
If you are involved in a divorce, call us at 612-254-6409 to schedule your free initial consultation with our Woodbury property division lawyers. You may also contact us online. We are experienced thoroughly in evaluating assets and will protect your right to an equitable asset division during your divorce.