Divorce is often an overwhelming procedure. The process of negotiating the terms of the divorce settlement may be difficult, especially when it comes to determining who is entitled to what. Dividing property and assets may be one of the most complicated feats of finalizing the divorce decree, as many people become attached to items during the marriage. Minnesota, like many other states in the nation, is an equitable division of property state. All marital property is divided in an equitable and fair fashion according to the judge presiding over the case. Yet, it is important to know what marital property is so that people can be sure to get everything they are entitled to in the divorce.
Marital property, such as the family car, home and furniture, may seem commonplace when it comes time to divide property. There are, however, other items that may be less common. These include the following:
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Stocks, 401k plans, term life insurance policies and retirement accounts
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Travel rewards, points and miles
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Lottery ticket winnings and tax refunds
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Intellectual property, such as copyrights, patents and trademark royalties
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Expensive collections, such as coins, art, antiques, cars and memorabilia
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Memberships to exclusive golf and country clubs
Any gifts exchanged between spouses are also marital property and may be divided in the divorce decree as well. If one spouse lent items or money to a third-party during the marriage, that item or money should be split between the couple once it is repaid. People should keep in mind that they can ask for half of everything that was collected during the marriage.
