In most Minnesota divorces, the family home falls under the category of marital property. This means it is to be equitably divided. There are three main ways this can be handled:
- The home can be sold, with each spouse getting a fair portion of the proceeds
- One spouse can keep the home, paying the other a fair buyout price in exchange for full ownership
- The two spouses can continue jointly owning the home
Each of these routes has its own upsides and challenges and brings a unique set of issues with it.
When deciding which option to pursue, it is important to take the full picture into account. The family home can stir up a lot of emotions and memories. Given this, it can be critical to resist knee-jerk reactions, and instead carefully consider what would be best for your future. There are a very wide range of things that could impact which of the above-mentioned routes would be a good fit, including:
- Your family situation
- The home’s value
- The remaining mortgage costs
- The cost of maintaining the home
- The property tax liability associated with the home
- Your liquidity situation, as houses can take a long time to sell
- Your financial situation and goals
So, the decision of what strategy to take when it comes to the family home in a divorce is a very complex one that can have significant impacts on the future. Skilled family law attorneys can provide divorcing individuals with guidance on this critical issue and help them with coming up with an approach well-suited to their bests interests and overall goals.