When 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.