Division of Assets and Debts - Cundy & Paul, LLC, Minnesota

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Contact Information - Bloomington, MN 55431

	In all dissolution of marriage proceedings, the parties are required to divide all of their real and personal property, as well as any joint or individual indebtedness they have acquired during their marriage. Minnesota is not a community property state. As a result, absent an agreement of the parties, the Court must make an equitable distribution of the property acquired by the parties during their marriage. Unless there is some compelling reason to do otherwise, marital property will be divided equally between the parties.
	At times, the valuation of assets such as furnishings, real estate, vehicles, pensions and businesses can be difficult. Expert appraisers or accountants may be required to assist the parties in resolving their differences. When dividing real and personal property, it is always important to consider the possible taxes or penalties that may result from said division.
	The issue of "non-marital" property frequently arises in marriage dissolution proceedings. Generally, non-marital property is that property which one party either owned prior to the marriage, inherited during the marriage or was gifted during the marriage with the intention that the gift was for him or her and not for his or her spouse. The person claiming that an item is non-marital, or that it has a non-marital component (such as the down payment on a house), has the burden of proving that the item is non-marital, as well as the burden of "tracing" that item to demonstrate that it still retains its non-marital character.
	The distribution of assets and debts in marriage dissolution proceedings can be very complex as well as emotional for the parties involved. As a result, it is important for an individual involved in such a proceeding to consult with an experienced family law attorney to guide him or her through the valuation and subsequent distribution of the marital estate.