How is marital property divided between the parties?

Transcript:

A standard for division of marital property in the state of Minnesota is a just and equitable division. There’s not a specific formula, a fractional component or a percentage that’s assigned to that but rather what seems reasonable and fair under the circumstance. More often than not, that’s a simple 50-50 division of assets. But sometimes people are free to contract between themselves what seems just and equitable to them under the circumstances. It’s perfectly justified as long as people are represented and understand the nature of that outcome.