In Minnesota, if a divorcing party is able to prove that property is that individual's "non-marital" property (i.e., was brought into the marriage or was a gift or inheritance to one but not both of the parties), that property is typically not subject to division in the divorce and will be awarded to the individual who proves the property is non-marital.
Posts tagged "divorce"
Few events can set a business back as quickly as a divorce involving one if it owners. Whether the business is a farm, manufacturing company, medical or dental practice, or other professional practice or business, a divorce and efforts related to getting the parties and the business through the divorce can wreck substantial havoc to the business's bottom line, in addition to the health and emotional wellbeing of all involved.
In Minnesota, trusts are often overlooked assets in divorces. A trust could either be set up by the parties themselves before or during the marriage or set up by someone else for the benefit of one or both of the parties.
In Minnesota, a divorce commences upon service of a Summons and Petition. The Summons includes a "mandatory restraining order," ordering that neither party may dispose of any asset except: (1) for the necessities of life or for the necessary generation of income or preservation of assets; (2) by an agreement in writing; or (3) for retaining counsel to carry on or to contest the divorce. All insurance coverage must be maintained and continued without change in coverage or beneficiary designation. Your family court judge can modify these restraints, but only after a motion is filed.
In many divorce cases, the most valuable assets of the "marital estate" are the parties' retirement assets. These can account for tens to hundreds of thousands of dollars of value. This article is a primer on this subject matter, summarizing (1) what forms these retirement assets commonly take, and (2) how spouses can approach a division and distribution of their retirement assets in divorce.