Dividing Marital Property

After you have decided to seek a divorce, you'll face the difficult task of dividing the property and debts shared by you and your spouse. Each family is unique, but every marriage includes some shared financial responsibilities. These responsibilities can include anything from furniture to vehicles to an entire house. If your home or vehicles are not fully paid off, you and your spouse will have to find an equitable way to divide the remainder of your loan or mortgage.

Dividing Marital Property Fairly Under "Equitable Distribution"

There are important differences in the division of property laws of North Dakota and Minnesota, but they both adhere to the general principle of "equitable distribution," meaning that marital property and marital debt will be divided fairly, not necessarily equally.

As a result, property will be divided according to a number of factors, including each spouse's income and savings and earning ability, the length of the marriage, and whether the children should continue to live in the marital home.

(In contrast, a handful of states instead follow the "community property" principle, meaning that a couple's property will be split 50-50, regardless of each spouse's income or other factors.)

A Lawyer Can Help You Get Your Fair Share

Emotions can run high during the divorce process, and anger or guilt or other feelings can lead a couple to divide property in a way that they'll regret later on. That's why it's so important to approach this process with an experienced attorney. I'll help you stick to the facts so that you can reach an agreement that will last. To schedule a consultation in my Grand Forks office, contact Barron Law Firm online or call me at 701-732-0628.