A big part of almost every divorce involves the valuation and division of property. Not all property is impacted the same way by a divorce. It is important to enlist the services of our non-marital property lawyers in Minnesota to better understand the difference between marital and non-marital property.
Non-Marital Property Defined
Non-marital property is generally separated from the marital estate. During the divorce process, the marital estate is often divided equally between the parties (although this is not always the case). Non-marital property, on the other hand, is typically not part of this equal distribution.
There are many different types of non-marital assets, and many reasons why an asset may be considered non-marital. Some examples include:
- Property owned by one member of the party prior to marriage;
- Any gifts or inheritance given specifically to one spouse only;
- Any property that is excluded from marital assets by a valid prenuptial, or antenuptial, agreement; and
- Property that one spouse acquired by exchanging other non-marital property.
Property can be marital, non-marital, or even both (certain property can have both a marital and non-marital component, which often will require some type of division).
Tracing Non-Marital Property
When it comes to non-marital property, there are many factors to consider regarding whether or not the property will be divided. Depending on the circumstances, the non-marital property may not be divided at all, but there are other factors that might complicate the issue.
Here are some important fact patterns that non-marital property attorneys in Minnesota consider in assessing whether or not property is truly non-marital:
- The property was purchased before the marriage but not paid off until after marriage;
- The property value increases during marriage;
- The property is used to buy a bigger, more expensive, property during the marriage; or
- The property involves a business owned by one or both spouses.
In order to claim that an asset is non-marital, you need to have solid proof on your side. Our team of non-marital property lawyers in Minnesota will help back your claim by successfully tracing your non-marital interests. We have years of successful experience in non-marital negotiation and litigation. Our attorneys have had success with all types of non-marital property, including real estate, retirement benefits, stock options, vehicles, businesses, and more.