Marital Property
Property and assets acquired by either spouse during a marriage, which is subject to division in a divorce.
Marital property is everything acquired by either spouse during the marriage, regardless of whose name is on the title or account. This includes income earned during the marriage, homes purchased, retirement benefits accumulated, and personal property bought. Property owned before the marriage or received as a gift or inheritance during the marriage is generally considered nonmarital property.
Minnesota is an “equitable distribution” state, which means the court divides marital property fairly, but not necessarily equally. The court considers factors such as the length of the marriage, each spouse’s income and earning potential, and each spouse’s contributions to the marriage. The distinction between marital and nonmarital property is often one of the most contested issues in a divorce.
Why it matters: How property is classified — marital or nonmarital — directly determines whether it can be divided in a divorce. Understanding this distinction can significantly affect the financial outcome of a dissolution.
Example: During a 15-year marriage, the couple buys a house and each spouse contributes to retirement accounts. In the divorce, the house and both retirement accounts are classified as marital property and divided between the spouses. A cabin one spouse inherited from a parent is classified as nonmarital and stays with that spouse.
Divorce proceedings, property division disputes, prenuptial agreement discussions