Passionate Rochester Property Division Divorce Lawyers
Last updated on May 8, 2025
Property division is one of the most important aspects of any divorce. Generally, the Court will divide the marital property so that each party will receive approximately 50% the value.
At Frieders & Kuhn, L.L.P., we use our decades of experience to help you protect the assets that are important to you. Our lawyers serve clients in Rochester and all of southeastern Minnesota in all matters related to family law.
What Is Marital Property In Minnesota?
Marital property includes assets such as real estate, savings accounts, pensions and retirement accounts, stocks and investments that were acquired during the marriage. The timing of an asset’s acquisition is a key element in determining whether it is considered marital or nonmarital property.
Minnesota Statute 518.003 defines marital and nonmarital property. Marital property is virtually all property acquired during the marriage. Gifts and inheritances or property carved out by premarital agreements may be considered to be nonmarital property.
Property acquired prior to the marriage, gifts and inheritances may also be nonmarital property. Assets may be partially marital and partially nonmarital. It is important to work with an attorney that is skilled at tracing nonmarital assets.
What Is Equitable Distribution?
Equitable distribution is the fair, (and usually equal), division of assets during a divorce. Determining what is fair when it comes to divorce property division means carefully reviewing the financial standing of each spouse and how the divorce will impact each spouse’s ability to earn a living. Some of the key aspects that may be considered include:
- Identifying the assets
- The value of the assets
- The tax consequences associated with the asset
Asset distribution can be complex, which is why it’s so important to have an experienced family law attorney on your side.
Understanding And Creating A Marital Balance Sheet
A marital balance sheet is an essential tool during property division in a Minnesota divorce. This detailed document helps both parties and the court visualize and track all assets and liabilities that need to be divided. Creating a comprehensive balance sheet early in your divorce process can save time and money, and lead to more favorable outcomes.
The marital balance sheet works by listing all assets and debts acquired during the marriage that must be divided between spouses. The process of creating this document involves several important steps:
- Asset identification: Documenting all marital property, including real estate, vehicles, bank accounts, investments, retirement plans and personal property
- Debt recognition: Listing all marital liabilities such as mortgages, credit card debt, auto loans and other obligations
- Valuation process: Assigning accurate values to each asset and liability using current market values
- Distribution planning: Allocating each item to either spouse to achieve the equitable division required by Minnesota law
- Calculation of equalizers: Determining if monetary payments are needed to achieve a fair distribution
A properly prepared balance sheet includes important details about each asset and liability, such as current values, whose name appears on titles or accounts, and whether any portion might qualify as nonmarital property. This level of detail allows for more productive negotiations during mediation or settlement discussions.
Creating a thorough marital balance sheet may require assistance from financial professionals in certain situations. Business valuations, pension calculations and real estate appraisals often demand specialized knowledge to best ensure accurate figures are used in your property division.
At Frieders & Kuhn, L.L.P., we use marital balance sheets as roadmaps during property division negotiations. This organized approach helps our clients understand their financial position clearly and make informed decisions about which assets are most important to them.
Our attorneys work diligently to make sure all marital property is properly identified, valued and fairly divided according to Minnesota law. The marital balance sheet ultimately becomes the foundation for your property settlement and provides documentation that helps prevent future disputes about what was included in your divorce agreement.
For A Fair Divorce Settlement, Call Us Today
At Frieders & Kuhn, L.L.P., we work hard to see that our clients obtain fair divorce settlements. Your contribution to the marriage should be taken into account. Call us today at 507-414-5558 or email to discuss your case in more detail.