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Full disclosure required in a Minnesota divorce

No two marriages are the same, and the issues that compel you to part ways with your spouse might be quite different that another couple. When you choose to end a marriage in a Minnesota court, however, certain issues will be constant across the board, no matter what the unique details of a couple’s relationship happen to be. One thing that is the same in every divorce is the requirement of full disclosure of assets and liabilities during property division proceedings.  

Minnesota operates under equitable property division guidelines in divorce. This means that your marital assets and liabilities must be split between you and your ex in a fair way, although not necessarily 50/50. To determine what is equitable in your particular case, the judge overseeing your divorce must know what marital assets or debts you and your spouse have. This is one of the reasons why hiding assets in a divorce is unlawful.  

You and your ex owe a fiduciary duty to fully disclose relevant information 

In order for a family court judge to render a fair decision regarding the division of marital property, he or she must have full knowledge of the property that exists, as well as any debt a couple has incurred and which exists at the time of the divorce. If you claim that your ex is hiding assets, you are tasked with a burden to prove your allegations by presenting evidence to the court.  

If the judge is convinced that your ex has not fully disclosed his or her assets, or that he or she has attempted to thwart the system by hiding assets, the situation can be resolved in several ways. In such cases, a spouse who has acted unlawfully may be held in contempt of court.  

The primary goal is to achieve a fair settlement in a divorce 

The state of Minnesota wants you to receive a fair settlement in a divorce. The laws and guidelines that are in place regarding property division are designed to ensure that you receive all that you are entitled to and to help resolve any problems that occur if your ex is being deceptive in connection with assets or liabilities.  

Issues regarding marital property can be complex. Disputes are often difficult to resolve, which is why it is helpful to reach out for additional support if your ex is trying to keep you from getting all that you’re entitled to or is refusing to disclose his or her assets and liabilities in order to achieve a fair settlement.