Many people going through divorce worry that they’re going to lose everything. The truth is that it’s highly unlikely that you’ll lose everything, and if you have a good attorney on your side, you may end up with more than you expected.
Minnesota is not a community property state, which means that your property will be distributed equitably. Marital property distributed through equitable distribution may be split in any number of ways, from a 50-50 split to a 70-30 split. The exact split you decide on can be negotiated between you and your spouse or determined by a judge in a worst-case scenario.
What factors are considered when deciding how to divide property equitably?
There are a number of factors that are considered when dividing property. Some of these include:
- The financial standing of each person
- The sources of income that each person has
- How long the marriage lasted
- Whether or not there are children involved in the divorce
- Who has custody of any children involved in the divorce
- Illnesses or disabilities
Can the court make you sell your property during your divorce?
If the court determines that your marital assets need to be preserved, then they can ask you to sell your home or other marital assets. The court can then go on to tell you how to divide those funds, if there is a profit to be made.
Is it better to divide your property on your own or with the help of a judge?
If you can, it’s better to work with your spouse and divide your assets on your own. Why? Doing this means that the court has little say in how you divide your assets. So long as the distribution seems fair and agreeable, the judge is unlikely to step in or ask for changes to be made when the agreement is submitted to court.
Not all people like to divide assets outside court, especially if they have trouble negotiating with their estranged spouse. Those who can get along, however, may find that it’s more affordable to split assets on their own than it is to have to wait to go to trial. It is also usually faster to come up with your own settlement than it is to wait for a divorce trial. So, if you want to resolve your divorce quickly and move on with your life, negotiating and settling is one option.