Getting Divorced And Own A Cabin?
Here in Minnesota, it is common to see the streams of cars as everyone escapes the Twin Cities area to their own respite. Owning a cabin or other vacation property is not only something that couples are proud of, but also something that they cherish. This can lead to challenges in the event that a couple is divorcing. Many people ask: What happens to the cabin?
At the Excelsior office of Haugen Law Group, PLLC, we understand our clients’ concerns. Cabins are often both monetarily and emotionally valuable to families. Our lawyers listen carefully to the situation, examine documents in a detail-oriented manner and strive to provide options that are in your best interests.
The Cabin: Marital Property Or Not?
A cabin is treated as any other type of property to be divided in Minnesota. This means that the first step is to determine whether or not the cabin is considered marital property for the purposes of the divorce.
- Was the cabin purchased or otherwise obtained during the course of the marriage?
- Was the cabin gifted to or inherited specifically by one spouse or was it owned before the marriage took place?
The answers to questions like these are essential when addressing cabins or other property, such as vacation homes or hunting land. It does not matter if the cabin is in one spouse’s name or in both. The primary determination of marital property is based on more detailed questions, like when the property was obtained, financing of the property during the marriage or the situation surrounding the acquisition.
Who Gets The Cabin?
Since Minnesota is an equitable distribution state, assets are not necessarily divided 50-50, but equally and fairly. This means that the cabin ownership postdivorce is not always simple to determine. One spouse may get the cabin, but the other spouse may get another property or asset of equal or similar value. The best way to ensure your rights are protected is to have an insightful and knowledgeable lawyer on your side.
Talk To Our Legal Team Today
To further discuss property division and cabins, schedule a free, 30-minute initial consultation with an attorney at our firm. Contact us online, or call us locally at 952-479-8132 or toll-free at 800-684-1293.