If you face obtaining a Minnesota divorce, one of the things that likely concerns you the most is the way in which you and your spouse will split up your marital assets. As you may know, Minnesota requires an equitable distribution of marital property in any divorce. But what makes up a fair and equitable property settlement?
Unfortunately, no definition exists for “fair and equitable.” While a 50/50 split of marital property may be fair and equitable for one divorcing couple, it may not be so for you and your spouse. It all depends on your circumstances.
Factors to consider
In order to arrive at a property settlement agreement that is fair and equitable to both of you, you and your spouse should consider the following:
- How old each of you is and how healthy each of you is
- The amount of earnings each of you makes each year
- The likelihood, if any, that one or both of you may earn more in the future
- How long your marriage has lasted
- What standard of living the two of you acquired during your marriage
- The value of the contributions, both financial and nonfinancial, that each of you made to the marriage over the years
You should also remember that your fair and equitable property settlement only applies to the marital assets that the two of you have accumulated over the course of your marriage. The separate property that each of you owned prior to your marriage or received during your marriage by virtue of gift, inheritance, etc. belong to each of you respectively and are not part of your property settlement agreement.