How Do You Divide Property In A DivorceWhen you say your wedding vows, you begin to share a new life together. For many couples, this may mean purchasing a home together, a vehicle, furniture, recreational equipment and much more. You may also begin to save for retirement and invest in the stock market in addition to sharing a regular bank account. This is easier than keeping everything separate for most couples and as the time passes the more financially connected you become. This may work great for you for many, many years. However, if you decide that it is time to divorce, you may be wondering how to fairly and equitably divide all of your joint property and assets. In most cases, you are also responsible for half of the debt you owe as well so that should also be factored in. Here are some tips for how to divide your property in a divorce:

1. Minnesota law does not give specific guidance on exactly how property should be divided. There is a general assumption that property, assets and debt should be divided equally between the two parties. This would include any of your marital assets, those that were accumulated during your marriage. Items that were yours (or your spouse’s) before the marriage would not be subject to the same guidelines.
2. Create a comprehensive list of joint assets: It is important to develop a full list of items that you and your spouse share and even assign a value to them so that when you divide them up, you can be sure that things are as equitable as possible.
3. Once you decide how you will navigate your divorce (mediation vs litigation), you will determine how much control you will have over the process. With mediation, you define your own concept of what is fair and how you will split items up. The comprehensive list is an extremely helpful tool for this process. If you go through the traditional court system, you will work with your lawyers to negotiate a settlement. Generally, this takes more time and costs more money.

Settle The Terms Of Your Divorce With Mediation

AMS Mediation has extensive experience helping couples divide the marital property during the divorce process. We understand that this process can be stressful, so we work hard to build trust, encourage open and honest communication and a sense of fairness. If you are beginning the divorce process and would like more information about how to move forward, now is a great time to schedule a free consultation. Call us at 952-252-1492 for more information.

A MESSAGE FROM AMS, LLC - RE: COVID-19

The safety of clients, ourselves, and colleagues is our top priority while we remain available to assist you as you navigate the new and uncharted territory caused by the coronavirus pandemic.

 

Offering All Services Virtually

While providing virtual ADR services was not part of our plan, we have made the necessary accommodations to ensure we can continue to serve our clients during these unsettling times. All services are currently available through virtually. We are using Zoom for videoconferencing. We suggest that you download this app to your phone or the program to your computer at https://zoom.us/download.

 

Limited In-Person Services

We have resumed limited in-person services for sessions with 1 or 2 participants scheduled for a maximum of 2 hours. Masks are required in our building and in session. Availability is subject to change based on local regulations and CDC guidelines.

 

Office Hours

Our office hours remain the same and we remain available by phone and email. The main office number is 952.252.1492. Gayle can be reached via email at gayle@amsmediationplus.com.

 

New Clients Welcome

We offer free 1-hour divorce consultations via Zoom. Potential PC and PTE clients are invited to schedule a free 15-minute phone call. Please call 952.252.1492 to set up an appointment. We are here to help!

Thank you for your patience and understanding as we all continue to adapt to these rapidly changing and chaotic times. Stay strong, stay resilient, and stay healthy!

 

Sincerely,
Amber Serwat & Gayle Ladwig
ADR Professional & ADR Assistant

Divorce Mediation & Dispute Resolution Services - Amber Serwat Mediation

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