When parties in Minnesota divorce, they are each entitled to an equitable share of martial property. Marital property is generally anything that was acquired during the marriage. There are exceptions to this general rule as Minnesota recognizes a spouse’s right to “non-marital” property, which includes things like inheritances or gifts made on only one spouse, and not to both.
The law states specifically: “the court shall make a just and equitable division of the marital property of the parties without regard to marital misconduct, after making findings regarding the division of the property.” Minn. Stat. § 518.58.
This means that regardless of who initiated the divorce and regardless of whether one spouse is to “blame” for the divorce, the court will divide property based on equity. An equitable division of property does not mean “equal”. Equitable means the court will attempt to make the division as fair and just as possible. Some complicating factors can create situations where an equitable division is not equal, but in most cases, the marital share of bank accounts, stocks, retirement funds, and real property is divided equally between spouses.
For more information about property division, please see our library of articles. For case specific information, please contact Callahan Law, LLC online, or call our Chanhassen office at 952-975-9961, to schedule a free initial consultation. We offer divorce attorney services throughout Minnesota, with an emphasis on the communities southwest of Minneapolis, including Carver County, Hennepin County and Scott County, as well as localities from Chanhassen to Chaska, Victoria and Waconia.
We look forward to working with you.