Dividing Assets in Divorce (Minnesota)

[Sirdouglasb12]

I live in Minnesota, so please keep replies specific to the laws that govern in Minnesota.

My wife and I are currently separated, but she will be filing papers for divorce soon. We have been married for 4 1/2 years. Prior to that, we lived together for 6 months. She left her last marriage with virtually no belongings or possessions. She moved in with me in my already fully furnished house.

I had 401 k retirement accounts from prior to our marriage, valued at roughly 80,000. I did not contribute any money to my 401 k after we were married. In the last 4 1/2 years, I have completely drained those accounts. Most of the belongings I had prior to our marriage have been replaced with newer stuff, that was paid for from my 401 k withdrawals.

I did take 2 years off of work following our marriage, during which time I was getting a small business up and running. My wife is trying to claim that since I chose not to work and buy that stuff with an earned income, which would be joint, the 401 k withdrawals should be treated as a joint marital asset.

She is trying to claim items that were bought with a premarital asset - the 401 k. She basically has used me and my money to support her and the lifestyle she wants. She has only worked for a few months outside of the home during our marriage. Now my money is gone, and she wants to move on.

I don't think she should be allowed to profit from this divorce. How can I keep my possessions from her?

[AFFA]

I wish to inform you that Minnesota is an equitable state. In Minnesota generally the marital assets are distributed equally. In this the court will take into consideration age, health, occupation, sources of income, contribution of each spouse and a spouse as a home maker, etc. From all the relevant consideration the court will identify the marital assets and also the value of the assets. You can inform the court that the assets purchased were from your 401 k retirement plan. In this you will have to inform court that the money in 401 k existed prior to marriage. Court will take into account all the factors brought in front of it and will then decide as to which assets are marital assets and will then divide the marital assets.

AFF

[Sirdouglasb12]

Thanks for your response. My understanding is that a premarital asset remains premarital and cannot be granted to the ex-spouse unless there are extreme circumstances. Additionally, a premarital asset can be transformed (like using a money from 401 k to make purchases), but it still remains a premarital asset. Is this correct?

True by and large, they remain separate property, but if "transformed" you run the risk that the trail is not clear and it can be deemed a marital asset.