If you and your soon-to-be former spouse are able to have reasonable discussions about the division of your assets as you approach your divorce, you are fortunate. However, there may be something you are overlooking. Just like the assets acquired during your marriage, the debts accumulated from your wedding day forward are marital property, and the court divides them equitably in states like Minnesota.
All married couples accumulate assets, or "marital property" over time. These assets include all property acquired by either the husband or wife, or both together, and consist of physical or financial holdings, such as real estate, pension plan benefits, vehicles, household goods and more.
The holiday season will soon be upon us. This is a time of year that is filled with traditions such as holiday baking, special meals, gift giving, decorating, and gatherings of family and friends. As you reflect on the holidays you enjoyed as a youth, do memories of spending time with your grandparents make you smile?
Minnesota is a "no fault" divorce state, which means courts will not financially punish or reward a party when dividing assets and debts because of bad behavior during the marriage. Generally speaking, the courts will equitably divide the marital assets and liabilities between the parties. That means spouses need to understand what is marital property.