In Minnesota, the division of assets during a dissolution of marriage (divorce) is governed by the principle of “equitable distribution.” This means that the court will divide property, including the family home, in a way that is fair, but not necessarily equal. The goal is to ensure both parties receive a fair share of the marital estate, taking into account factors such as each spouse’s financial contribution, the length of the marriage, and the needs of the children, if applicable.
When it comes to the family home, several key considerations are involved. If the home was purchased during the marriage, it is generally considered marital property, even if only one spouse’s name is on the deed. In some cases, if one spouse owned the home before marriage, a portion of the property may be considered non-marital. The court will look at how much each spouse contributed to the home’s acquisition, maintenance, and improvement throughout the marriage to determine what an equitable distribution may be.
In practice, the division of the home can take several forms. One spouse may choose to buy out the other spouse’s interest in the property, or the home may be sold with the proceeds being divided between the parties. If children are involved, the court may also consider the custodial parent’s desire to remain in the family home, which can influence decisions about ownership or sale. Each case is unique, and the division of the home will depend on the specifics of the situation, including financial, emotional, and practical factors.
To ensure a fair and smooth division of assets, especially real estate, it is recommended that individuals consult with a family law attorney who can provide guidance specific to their situation and Minnesota’s legal framework. Having the right attorney on your side can also help ensure there are provisions included that protect your interest. For example, if your spouse is keeping the home, will they be required to refinance so that you are no longer responsible for the mortgage? How long do they have to complete the refinance? If your spouse is required to buy you out of the property or refinance but fails to do so, what can you do to collect your payment?
If you are considering a divorce or are ready to move forward with the process and want to talk to an experienced attorney about the process, please contact Rochford Langins Jarstad. Our attorneys practice primarily in Southeast Minnesota with a focus on Wabasha, Olmsted, Winona, Goodhue, and Dodge County.