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Property Division
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Minnesota law is very clear on this point. If an engagement ring was given prior to the marriage, and a marriage subsequently took place, then the engagement ring is the non-marital property of the recipient, and the giver has no right to any of its value.
In Minnesota divorce law, dogs, cats, and other pets are considered personal property. So if you owned a pet prior to the marriage, or acquired it during the marriage by gift or inheritance, or with non-marital money, then that pet is your non-marital property. Otherwise, it is marital property, and may be awarded to either party.
Marital property laws in Minnesota and Wisconsin define the marital estate (community property) as any asset acquired during the marriage whether that asset is held in the name of either party or both.
n a divorce, one of the most difficult issues is often what happens to the house the family lives in or other real estate. There are a number of options that must be considered when determining how real estate is to be divided in a divorce.
Often Parties are faced with difficult issues related to the division of property. One of the more vexing property settlement issues is dividing marital assets that have not yet vested.
Deferred compensation refers to pension plans, 401K plans, IRAs and other retirement assets. Such plans are divisible as part of a property settlement in divorce regardless of which party is named on the plan. How they are divided depends on the value and nature of the asset.
Divorce can have devastating financial consequence. During a marriage, you learn to budget based on a family income and on family debts. Some of the monthly expenses remain constant like mortgages and car loan payments.
In any divorce case, there is usually a division of assets and a determination of each persons responsibility for debts.
In today’s economy, it is more and more common for divorcing couples to struggle with the valuation and division of a small business as part of the divorce process.
In Minnesota, all property acquired during the marriage by either party is presumed to be marital property.
The non-custodial parent is responsible for paying child support. In Minnesota the amount of child support is based on the non-custodial parent's income and the number of dependent children. A court may adjust the support amount at its discretion. Factors examined for adjustment include: (1) the custodial parent's income and assets, (2) any extraordinary financial needs the child may have, such as medical or educational expenses, (3) the child's standard of living during the parents' marriage and (4) whether the paying parent receives public assistance.
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