Assets and liabilities are divided equitably. Minnesota law requires equitable division of assets and liabilities. So, the first question that I ask clients is what are the assets and debt that were acquired during the marriage? First, you identify the assets and the debt. Then you value them and put values on all of it, and then you allocate them between the parties.
Equitable division in Minnesota is set up to be flexible. So, parties can divide assets in creative ways. For example, one spouse may keep the house with $25,000 worth of equity where the other spouse may keep a savings account with the same amount of cash. So, it’s set up to be flexible. It doesn’t have to be equal division, but that’s what most people will do.