Daniel S asked:
I live in Minnesota going through a dissolution of marraige. My understanding is marital property and debt is divided 50/50. Each party keeps all property and debt prior to the marraige. I believe like a car is considered sole property when that person is the only one who uses it. I believe the debt still will need to be paid to me even though it is consolidated in other loans.
I live in Minnesota going through a dissolution of marraige. My understanding is marital property and debt is divided 50/50. Each party keeps all property and debt prior to the marraige. I believe like a car is considered sole property when that person is the only one who uses it. I believe the debt still will need to be paid to me even though it is consolidated in other loans.
I am not an expert but I think that everyone is divided 50/50. To protect what you had going into the marriage, you would need a prenump.
I had to get one for that reason.
Is Minnesota a community property state? if so, what matters is when the assets and liabilities were acquired. If acquired during the marriage then it is 50/50… if you and your wife are somewhat reasonable the separation of property can be pretty simple.