When you and your spouse have lived together for a long time, going through a divorce can be especially challenging. Among the many issues that come with separation, you may be particularly concerned with who will get to keep your house.
If you and your spouse are worried about the post-marital fate of your home, there may be a range of approaches for you to take. The two most common options include:
One spouse may keep the house
In a Minnesota divorce, each spouse is entitled to a “fair and equitable” share of marital property. When it comes to your house, what constitutes a fair share will likely depend on several factors, such as the housing market, the length of your marriage, each spouse’s personal investment in the home, and more.
If it is decided that one of you will keep the house, the other spouse would ideally be compensated in some way, such as through having a lien. There may be other suitable ways to compensate your spouse, and an attorney can help inform you of your options. Neither spouse should walk away with nothing.
You may sell the house
If you and your spouse are struggling to decide on a fair way to divide your home, you may want to consider selling it, and splitting the money earned. At the same time, there may still be a few hiccups when choosing this path, such as whether you will be able to sell the home before your divorce is finalized. In the event that you do not find a buyer in time, there may still be ways to negotiate a fair settlement between you and your spouse.
Finding the best possible solution
Letting go of the house you built your marriage in is difficult, whether you are giving it up to your spouse, considering selling it, or you intend to keep it in the divorce settlement. With so many interests to protect, you may want to consider consulting with a lawyer to learn more about the property division process. When you are aware of all your options, you and your spouse may be better equipped to come up with a solution you can both feel confident about.