Non Marital Property in Minnesota
Marital and non marital claims can be challenging. When you are going through a divorce, a division of property is almost certain to occur. Understanding the difference between marital and non marital claims can help you prepare for what is to come.
Non Marital Assets
Non marital assets are excluded from the marital estate. The marital estate will need to be split – usually equally. Non marital assets, however, are not part of this equitable division, and typically involve:
- Property owned before a marriage;
- Gifts or inheritance to one spouse only;
- Property excluded by a valid antenupital or prenuptial agreement; and
- Property acquired in exchange for other non marital property.
Some items of property are entirely non-marital, while others can have both a marital and a non-marital component.
Of course, there are many complications surrounding these issues. What happens if the property was bought, but not completely paid off before the marriage? What happens if the property value has increased during the marriage? What if the property has been used to buy another, bigger property during the marriage? What if the property in question is a business owned by one of both spouses?
Proving an asset’s non marital component can be difficult. We often employ experts to assist with non-marital tracing - such as a CPA. Our lawyers have extensive experience in negotiating and litigating non martial claims, including non-marital real estate interests, retirement interests, stock options, vehicles, businesses and other investments.
Always A Free Consultation
Have additional questions? Contact the Brown Law Offices, P.A. today. We offer free consultations to all potential clients. Call (763) 323-6555, or complete our free case evaluation form.