Type: News
Date: 09/19/2022

Taft Wins Fair and Equitable Asset Disclosure Dispute for Disadvantaged Spouse

A Taft legal team consisting of Michael P. Boulette, Seungwon R. Chung, and Abby N. Sunberg obtained a Minnesota Supreme Court victory protecting disadvantage spouses by ensuring district court supervision over the division of all their assets.

The case involved a stipulated divorce decree that failed to address the couple’s retirement accounts, their most valuable asset at the time of the divorce. Before the Minnesota Supreme Court, Boulette argued on his client’s behalf that all assets must be disclosed and awarded in a decree so the district court may evaluate whether the overall division of property is fair and equitable, and that the court retains jurisdiction to later divide any omitted assets under Minn. Stat. § 518.58.

The opposing party argued the retirement assets were part of an unwritten side agreement and no longer subject to division by the district court. In obtaining victory for their client, Taft’s team led the Minnesota Supreme Court to reaffirm the district court’s obligation to ensure that stipulations between divorcing parties are fair and equitable, while allowing district courts to retain jurisdiction to divide omitted assets when parties try to evade review of those assets with unwritten side agreements.

Boulette is a partner with the Minneapolis Domestic Relations group. Chung is an associate with the Minneapolis Domestic Relations group. Sunberg is a Litigation associate in the Minneapolis office with experience in Commercial Litigation, Domestic Relations, and Wealth Transfer Litigation.

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