Members of the millennial generation in Minnesota and nationwide get married at later ages than previous generations. As a result, they often enter relationships with individual assets that they want to protect if divorce should occur. These reasons appear to be driving more people to negotiate prenuptial agreements according to a survey by the American Academy of Matrimonial Lawyers. The respondents reported a 51% increase in millennial clients signing prenuptial agreements.
The decision on whether to keep or sell the family home in a divorce may be one of the biggest decisions a former Minnesota couple has to make. Many couples decide to just sell the family home and split the proceeds as this is usually the easiest way to divide this asset. However, if there are kids involved or the home has a sentimental value, one person may wish to keep the home.
When a couple divorces in Minnesota, some of their primary concerns revolve around finances and property division. Even in situations where there are only modest assets to consider, mistakes can be made when it comes to deciding what happens to the family home. The decision-making process can also be impacted by the presence of minor children in the family.
One of the primary functions of the divorce process is to divide property. This can get tricky because you may believe that certain assets belong to you alone and are, therefore, not part of the marital estate. If those assets truly are your separate property, they would not be subject to division in your divorce.