When a couple in Minnesota decides to divorce, they will have to divide their assets between them. One of a couple’s most valuable assets, and sometimes the most coveted, is the family home. It is important for Minnesotans to understand what their options are regarding the family home in a divorce, so they can make informed decisions.
Option 1: One spouse keeps the home
One option is for one spouse to keep the home in exchange for other assets, or alternatively, the spouse keeping the home can buy out their ex’s share in it. Keep in mind that Minnesota is an “equitable distribution” state for property division purposes meaning that courts will make decisions based on what is fair even if that does not lead to an exact 50-50 split. If you decide you want to keep the family home, it is important to make sure you can afford to do so on a single income.
Option 2: Both spouses keep the home
This is a more unusual option, but one that may work for some. Sometimes, especially if they want to keep raising their children in the family home, both couples will retain ownership of it post-divorce. If so, they will need to ensure they have an agreement on who will be responsible for what costs, upkeep, cleaning, etc.
Option 3: Both spouses sell the home
If neither spouse can or wants to keep the family home, they may choose to sell it and split the proceeds. This allows each spouse to have a clean split from one another. Keep in mind that depending on the circumstances there may be tax consequences when you sell the family home.
Deciding what option is right for you
Divorce can be an emotional time, and sometimes it is hard to think clearly. For this reason, many people seek legal advice when they decide to divorce. This post does not offer legal advice. Those who want to learn more about their options when it comes to property division in Minnesota can seek the assistance of a family law attorney for further information.