Many have heard the ‘horror stories’ associated with the division of property during a divorce. But does it really have to be this combative and stress-filled? What if both parties agreed to be fair and negotiable during the asset division process? For those who believe you will soon be facing a high asset divorce situation, these are questions you may be asking yourself.
The answer is that divorce can be amicable and more straightforward than you may have once believed. Equitable distribution states, such as Minnesota, allocate the assets in a way that are fair. This means that property division is not necessarily split down the middle. Since spouses can have varying salaries, education and ability to produce future income, property is split in a way that is fair to both couples.
Knowing and understanding the assets both couples bring to a high asset divorce is the basis for how negotiations will begin. If you and your partner have a clear understanding of the assets being divided between the two, it will hopefully help to avoid further conflict between the parties.
As far as answering the question, who gets the house? It is often awarded to the parent doing the majority of the child-rearing however each situation is different.
Keep in mind that if one spouse gets the house, that spouse will likely receive this asset in lieu of a different asset. It is all about the give-and-take. While this may be true, do not forget that you have an interest to receive the assets and items that are most important to you. Determining your must have’s and what you can live without is key to negotiation or litigation.
Those going through the divorce process may encounter property division issues or other legal divorce issues. When this happens, it is important to become informed and aware of the options available so steps can be taken to resolve them.
Source: family.findlaw.com, “Divorce Property Division FAQ,” Accessed Nov. 16, 2015