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Divorce and the family home

On Behalf of | Dec 27, 2018 | Property Division |

When a couple divorces in Minnesota, some of their primary concerns revolve around finances and property division. Even in situations where there are only modest assets to consider, mistakes can be made when it comes to deciding what happens to the family home. The decision-making process can also be impacted by the presence of minor children in the family.

It is extremely important for the couple to receive an accurate appraisal of the home’s value. This will assist attorneys in determining the value of the marital estate during the process of property division. What is also important is developing a strong understanding of what it will cost to maintain the home over time as these expenses can be considerable in the case of an older home or a house with out-of-date heating, plumbing or electrical systems. An understanding of maintenance costs can help spouses decide whether it is worth it to try and remain in the home or whether it should be sold.

Many couples may opt to sell the home outright, which will allow them to each purchase or rent an affordable house while being able to receive their respective assets from the home’s sale. The home sale may be part of the divorce agreement. In general, choosing to delay the sale of a home can create problems later on if both spouses are on the deed. One person may become uncooperative during the sale process, which can have financial and personal ramifications for an individual who wants or needs to sell so that he or she can move elsewhere.

Individuals who are going through a divorce may wish to consult with an experienced family law attorney. A lawyer may be able to go over a person’s case and make recommendations regarding what happens to the family home.