Personal Attention And Compassionate Representation

How a person can keep the home after a divorce

On Behalf of | Aug 8, 2019 | Property Division |

The decision on whether to keep or sell the family home in a divorce may be one of the biggest decisions a former Minnesota couple has to make. Many couples decide to just sell the family home and split the proceeds as this is usually the easiest way to divide this asset. However, if there are kids involved or the home has a sentimental value, one person may wish to keep the home.

If one person does want to keep the home, he or she will likely have to buy out the other person. This can be done by determining how much equity the home has and dividing this amount up between the two individuals. The person who wants the home may then offer an equal or fair share of his or her portion of the marital assets. For example, a former couple may agree that one person keeps the home and the other person gets the family car and funds in a specific savings account.

An alternative to giving up certain assets is to refinance. This benefits the person who wants the home as it will remove the former spouse from the mortgage and sever his or her interest in the property.

During a divorce, any assets that were obtained during the marriage will need to be divided up between the two former spouses. The assets to be divided up may include bank accounts, business assets and tangible assets like the family home or the family car. If a person has very specific wants, a family law attorney may help the person negotiate with the former spouse to reach an agreement that is fair to both parties. Additionally, the attorney may assist with looking for any additional assets that the other person might be hiding.