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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.
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Minnesota courts look at many factors in deciding spousal support amounts. A spouse may be entitled to maintenance if he or she cannot support himself or herself despite any marital property received after distribution. Financial resources, employment, education and the personal circumstances of each spouse are considered. A court examines several factors to determine if maintenance is appropriate, and if so, how much and for how long. They include (1) the duration of the marriage, (2) the standard of living enjoyed during the marriage, (3) each spouse's age and health, (4) each spouse's assets, income or ability to earn income, (5) the time needed for the requesting spouse to receive training or education and obtain sufficient employment in order to support himself or herself and (6) the owing spouse's ability to pay. A court can order temporary support while the divorce is pending. Most maintenance is ordered for a specific length of time. Once maintenance is ordered, it can be modified upon a showing of a substantial change in circumstances.
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