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Minnesota Divorce Asset Division & Protection Attorneys

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Home » Property Division » Divorce Asset Division

You’ve worked hard to build assets and wealth, and the prospect of dividing that property with your spouse in divorce may be difficult. You may have concerns if you were the breadwinner or if you were the spouse supporting the other party’s career. Either way the law presumes that both spouses have made substantial contributions to assets acquired during their marriage. This is where marriage asset protection becomes a key concern.

Divorcing spouses can protect assets vital to them in divorce, such as real estate or a business, by negotiating a property/divorce settlement agreement that allows one spouse to keep a specific asset, usually by assigning other marital assets of equivalent value to the other spouse. This is a crucial aprt of asset protection divorce.

Want to protect what you’ve spent your life building? Then contact Terzich & Ort, LLP, today for an initial case evaluation with a knowledgeable divorce attorney. Let us explain your legal options and advocate on your behalf at the negotiating table or in court.

Why Choose a Divorce Attorney from Terzich & Ort, LLP to Help You with Property Division?

You need steadfast legal guidance to help you resolve the division of the assets and liabilities in your divorce case. Let the legal team from Terzich & Ort, LLP, guide you through the process. Here’s why you should choose us to represent you during your divorce case:

  • Our firm focuses exclusively on family law and divorce matters, which gives us extensive knowledge and experience in property division.
  • Our partners have over 60 years of combined family law experience.
  • Attorneys Shannon Ort, Jodi Terzich and Kaitlyn Andren have earned inclusion in Super Lawyers and the Rising Stars list, an honor conferred on only 2.5 percent of lawyers in Minnesota.
  • We offer top-quality legal representation at a reasonable rate, combining dedicated advocacy with prompt, courteous service.

Understanding Property Division in Divorce

Divorce in Minnesota property division requires spouses to divide their marital property. Under state law, all property acquired during marriage is presumed to be marital property subject to division by default, regardless of whether the spouses own the property in individual title or through joint ownership. Spouses may agree on dividing their property by contract, such as a pre- / post-nuptial agreement or divorce settlement. However, a couple may also ask a court to determine how to divide marital property between spouses.

Property division in divorce excludes all non-marital or separate property, which may include:
  • Property acquired before marriage
  • Inheritances
  • Gifts or bequests made exclusively to one spouse
  • Property acquired after the valuation date

Minnesota follows an equitable distribution system of property division in divorce. Equitable distribution requires a court to divide marital property fairly but not necessarily evenly.

The law presumes that each spouse contributed substantially to acquiring marital property during the marriage, which may entitle a spouse to a share of a marital asset even if they did not make any financial contributions to acquiring or maintaining that asset.

What Steps Should You Take to Protect Your Property Interests in Divorce?

Actions you can take to protect your interests and put yourself in the best position to secure a favorable resolution to property division in your divorce include:

  • Review the terms of any pre- or post-nuptial agreement you signed before or during your marriage. This is a key element of marriage asset protection.
  • Gather records for all asset including bank statements, credit card statements, retirement accounts, real estate, stocks/investments, and business ownership interests.

Perhaps most critically, get in touch with Terzich & Or, LLP. The sooner you do, the more asset protection divorce options may be available to you.

How Can a Divorce Lawyer Help with Asset Protection?

Having knowledgeable legal representation can give you the best chance of success in preserving your property rights when you get divorced. An attorney from Terzich & Ort, LLP, can help you protect your assets during divorce by:

  • Reviewing the facts of your case to determine the scope of the marital estate, including identifying assets as marital or nonmarital property
  • Examining relevant documents, such as pre- / post-nuptial agreements
  • Explaining your legal rights to you and discussing options for preserving your assets
  • Vigorously negotiating on your behalf to secure a divorce settlement that protects the assets you consider most important
  • Advocating for you in court and at trial to fight for the best possible resolution to the property division question that protects your assets

Contact Our Firm Today to Discuss Your Options

As you go through your divorce, you deserve experienced legal counsel to help you protect your right by obtaining your equitable share of the marital property. Contact Terzich & Ort, LLP, today for a confidential consultation with our legal team to learn how our firm can guide you through the property division process during divorce and advocate for your rights.

Frequently Asked Questions about Spousal Maintenance (Alimony)

Spousal maintenance (also called spousal support or alimony) is a court-ordered regular payment from one spouse to the other after a divorce. It is typically awarded when the divorce circumstances place one party at a financial disadvantage, such as lacking sufficient work experience, education, or training to secure employment that covers their expenses, or being unable to work due to a health issue or disability.

The court considers several factors when determining the amount, including:

  • The financial resources and ability of the party seeking maintenance to meet their needs.
  • The time it would take for the seeking party to get the education or training needed for financial independence.
  • The standard of living established during the marriage.
  • The length of the marriage and what the seeking party gave up to support their spouse or children.
  • The age and health of both parties.
  • The paying spouse’s ability to meet their own needs while also meeting the requesting party’s needs.

The duration primarily depends on the length of the marriage:

  • Less than five years: Maintenance is generally assumed to be unnecessary, but specific circumstances (like a severe disability) may change this.
  • Five to 20 years: The duration is typically half the duration of the marriage (e.g., 10-year marriage results in 5 years of maintenance). This is known as transitional maintenance.
  • 20 or more years: Maintenance is assumed to last indefinitely. This is known as indefinite maintenance.

Yes, maintenance orders can be modified following a motion to the court if there are significant changes, such as a substantial increase or decrease in either party’s income or financial needs, or changes in federal or state tax laws. Maintenance can also be terminated early if the party receiving payments dies or remarries. Cohabitation with another adult may also be grounds for modification or termination. Retirement of the paying party can also impact the maintenance order.

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