While some divorces can be nasty affairs that take a toll on everyone involved, others can be relatively amicable. With U.S. divorce rates at 40-50% according to the American Psychological Association, it is important for everyone to be aware of Minnesota’s laws to ensure the process is as smooth and civil as possible.
Minnesota divorce law requires “making a just and equitable division of marital property.” A divorce appraisal of real estate is often the basis of value that allows each party to negotiate its share. In some cases, one appraisal is agreed on by both parties, while other times each party orders its own separate appraisal.
Depending on the case, a home can be considered “marital” or “non-marital” property. While marital property is property acquired during a marriage, non-marital property is something that is acquired outside of the marriage. There is occasionally a need to complete an appraisal in retrospect to determine changes in a property’s value over a certain time frame to determine the basis of how value has changed within a marriage. Click here to learn more about Minnesota divorce and family law.