Introduction
Divorce is an emotionally challenging and intricate process, and matters become even more convoluted when inheritance assets are involved. In the state of Minnesota, the principle of equitable distribution governs the division of marital assets, ensuring that both parties receive a fair share. However, when it comes to inheritance assets, the situation becomes a bit more nuanced and requires careful examination.
Defining Inheritance Assets
Inheritance assets encompass the financial and tangible properties passed down by family members or loved ones. These assets can be in the form of cash, real estate, investments, personal belongings, or even a business. The question that arises is whether these assets should be classified as marital property subject to division or separate property.
Marital vs. Separate Property
According to Minnesota law, marital property refers to assets acquired by either spouse during the marriage. Conversely, separate property includes assets acquired by a spouse before the marriage or obtained through inheritance or gift after the marriage.
Treatment of Inheritance Assets
Typically, in Minnesota, inheritance assets are regarded as separate property and are not subject to division in divorce proceedings. However, this presumption is contingent upon the condition that the inheritance assets were kept separate from marital assets. Should the inheritance assets become mixed with marital assets, the situation becomes more intricate.
Commingling of Inheritance Assets
When inheritance assets are utilized to purchase property or other assets during the marriage or are deposited into a joint account, they can become commingled with marital assets. Consequently, the separate status of the inheritance property may be compromised, and it may be deemed part of the marital property eligible for division.
Burden of Proof
If inheritance assets have been commingled with marital property, the burden of proof lies with the spouse asserting that the inheritance assets should still be considered separate property. The burden of proof requires the spouse to provide evidence that the inheritance assets were kept distinct from the marital assets and not used for the joint benefit of both parties.
Conclusion
Inheritance assets introduce an additional layer of complexity to an already arduous divorce process. Nevertheless, with the guidance of an experienced family law attorney, the distribution of assets can be managed fairly. It is crucial to collaborate with a knowledgeable legal professional who can help navigate the intricacies and safeguard your rights throughout the divorce proceedings. Ultimately, the objective is to reach an agreement that upholds fairness for both parties involved.