While there may be several contentious aspects in a divorce case, dividing marital property is often the most complex. These issues are not limited to large estates; disagreements over a single asset are also common. A dedicated family attorney can assist you in navigating these challenges.

If you are facing a divorce, it is essential to seek compassionate legal representation. Representing yourself can result in an unfair distribution of assets, making it difficult to achieve the fresh start you deserve. Let a Mankato property division lawyer answer any questions you may have and fiercely advocate on your behalf.

What Is Equitable Distribution?

Courts must divide marital property between two parties based on the principle of “equitable distribution.” This means that a judge is required to allocate marital assets in a way that is fair, even if it results in an uneven split.

Initially, judges will typically aim for an equal division of property. However, certain circumstances may lead them to grant one side a larger share than the other.

The court may consider various factors when determining how to allocate marital property. For example, if one spouse gave up their career to raise children or served as a homemaker, they may receive a larger share due to their contributions.

A Mankato marital property lawyer can identify factors that may influence property distribution in a case and advocate for a fair allocation of assets.

Classifying Marital and Non-Marital Property

Before the court can divide property, it must first categorize assets as marital or non-marital. This classification is crucial because judges only have the authority to divide marital property.

Generally, marital property includes any asset acquired by either spouse during the marriage. Any assets obtained before the marriage are typically classified as individual property.

However, there are exceptions to these rules. For example, a personal injury settlement or inheritance is considered individual property, even if it was acquired while the couple was together.

A property division attorney in Mankato can help individuals understand how assets are classified and provide guidance on how exceptions may be applicable to their specific situation.

Potential Challenges

Even in cases where both divorcing spouses can communicate amicably, potential issues may arise. One significant issue, especially in a high-value divorce, involves assigning a monetary value to rare assets. While some assets, such as cars or residential homes, are relatively straightforward to appraise, this is not the case for rare art, jewelry, or commercial real estate.

A fair division of assets cannot occur if the property is not accurately valued. Due to the limited sales history of rare items, determining their current pricing may be challenging without prior sales to serve as a reference. An expert may need to conduct an evaluation to determine the value of these objects.

Another possible issue is difficulty liquidating marital property. To achieve an equitable division, it may be necessary to sell some assets and share the proceeds. However, finding buyers for expensive or uncommon property can be difficult. If a spouse is unable to sell these items, it may become challenging to obtain the appropriate shares as ordered by the judge.

A Mankato asset division lawyer can help an individual address these issues as they arise and ensure an equitable distribution of property.

Retain a Mankato Property Division Attorney Today

Navigating the end of a marriage can be complex, but it is critical to ensure that you are treated fairly throughout the process. By achieving a fair outcome, you can move forward and begin the next chapter of your life. Enlist the help of a Mankato property division lawyer today to protect your assets.