After issues involving children, the division of property can be the most complex and contentious aspect of divorce. At Bloch & Whitehouse, P.A., we are well versed in the laws pertaining to the division of assets and debt. We are equipped to protect your interests and help you obtain a fair property division.
At Bloch & Whitehouse, P.A., we help people with all aspects of divorce, including the issue of property division. In Minnesota, the law dictates a "fair and equitable" division of marital assets and debt. Marital property generally includes any property obtained by either spouse during the course of the marriage. However, some items are "non-marital" and thus not subject to division. These items include:
The burden is on the party asserting a nonmarital interest in property to trace their claim. Sometimes, a party's nonmarital interest is difficult to prove, especially in high-asset divorce cases where a couple's substantial assets are co-mingled. We are experienced in handling these complex cases.
Our Bloomington property division attorneys will take the steps that are necessary to determine the value of your property, and obtain information and documentation from the other party through the discovery process when necessary. We will also seek the input of experts, whether home appraisers, pension valuators (actuaries), business valuators or the like, as appropriate.
While property and assets are divided in a divorce, so is debt. Debt incurred during a marriage, including mortgages, credit cards and car loans, will be divided between parties in some fashion following a divorce. However, there are instances in which both parties do not share some types of debt.
It is important to explore all of the options available for the allocation of debt between parties so that you are not facing added stress over debt after your divorce. For those couples who are facing serious financial difficulty, there may be questions about bankruptcy and foreclosure and how they might factor in to the divorce.
You can trust the attorneys at Bloch & Whitehouse, P.A., to help you find answers to your questions about property and debt division. With our help, your post-divorce future can be a bright one.
If you are facing a property division dispute, we are here for you. Contact us online or by telephone at 952-224-9977 to speak with an experienced Minnesota divorce lawyer.
We represent men and women from Minneapolis, St. Paul, Bloomington, Richfield, Burnsville, Edina and throughout the Twin Cities metro area. For your convenience, we offer free initial consultations and accept Visa and MasterCard.