Going through a divorce can be one of the most challenging life events someone experiences. Even if the split is amicable, there are so many adjustments that you have to make. One aspect of divorce that not many people think about is marital property division. How will you and your partner divide your assets? Each state has various property division regulations, but each marriage is different. Some couples may have an easier time dividing their marital property, but it can be much more difficult for other couples. You may benefit from working with a Minneapolis property division attorney.
What is Property Division?
Property division is the process of dividing your and your spouse’s assets during a divorce. Typically, this process involves appraising your marital estate and calculating debt to determine who gets what. Sometimes property division can be straightforward, but this is not always the case. Minnesota is an equitable distribution state, meaning courts will divide assets equally. However, this does not necessarily mean that the division is equal.
For example, the court may decide to give the house to one spouse while the other spouse may receive separate property as compensation. A property division lawyer will ensure you receive what’s rightfully yours from the net marital estate. You won’t have to settle for less than what you deserve when working with a family law attorney.
Risks of Not Having a Lawyer
While hiring a property division lawyer is not legally required, some risks may occur if you don’t have legal advice. Possibly one of the most common issues is that without an attorney by your side, marital property division will be the court’s responsibility. You may lose assets like your house, other physical property, or funds. Even in an equitable division state, dividing assets could still create issues. Another complex issue of property division is determining who will be responsible for certain debts.
Without a lawyer advocating for your best interests, you may have more debt to pay off than what’s fair. A property division attorney is one of the best resources you could have. They offer sound legal advice and will work to achieve the best possible outcome for you. You must go through the property division process even if you don’t work with a lawyer. However, it might be complicated without legal help, and you could lose assets that belong to you.
What the Law Says About Property Division
Minnesota law states that “the court shall make a just and equitable division of marital property.” Since Minnesota is a no-fault divorce state, this statute also declares that the courts will divide the marital property without regarding relationship misconduct. It is also important to realize that you and your spouse can agree on property division outside of court. Divorce law and property division regulations can be complex. Consider working with a property division attorney to ensure a desirable case outcome.
Why Do You Need a Property Division Attorney?
If you work with a property division attorney, you have an advocate on your side. This means you have someone to support and represent you during this process. An experienced lawyer is a helpful resource since they have in-depth knowledge about divorce laws in Minnesota. Property division can be long and complicated.
An attorney will make this process simple and intuitive. They will also ensure that your assets are protected during this time. At Martine Law, we understand how emotionally taxing a divorce can be. Our property division attorneys are here to guide and support you through this process. We’ll stand by your side to ensure you receive a favorable case outcome.
If you have property division concerns, contact a Minneapolis property division lawyer from Martine Law today.