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Property division options for a home in divorce

On Behalf of | Jan 5, 2023 | high asset divorce |

A Minnesota married couple must resolve numerous asset issues when they decide to end their marriage. These decisions can spark disputes between spouses, especially if they disagree about property division. A particular question that must be answered in a divorce has to do with the home that the spouses shared during the marriage.  

The marital home is often one of the largest assets that must be divided in a divorce. Of course, a house cannot be physically split, which means it is the monetary value of the home that is at stake. A concerned spouse may want to consider several options before agreeing to a property division settlement.  

A custodial parent may want to stay in the home 

When children are involved in a divorce, their best interests should always be kept in mind. A parent might determine that allowing children to keep living in their same house is the best way to minimize disruption of their daily routines in connection with a divorce. Therefore, one asset option regarding the marital home is to co-own the house, while the custodial parent and children continue to live in it.  

One spouse can buy out the other’s share of the mortgage 

If delaying the sale of the home and retaining joint ownership does not seem like a good idea in a particular set of circumstances, a spouse can offer to buy out his or her former partner’s share, thus creating sole ownership. This option might require the spouse who is keeping the home to apply for a new loan individually. If spouses can work together in an amicable fashion, they might decide to share ownership of their marital home, without either one planning to live in it. Another option is to rent out the residence and split the proceeds. To determine which property division option best fits one’s needs, it is helpful to seek legal consultation before proceedings begin.