In many cases, real estate is the biggest asset in a Minnesota divorce, whether it is the home you have been living in full-time, a vacation cabin or undeveloped land. While court forms only allow for one or the other spouse to have 100% of a piece of property, there are other legal options available. The experienced team at Trenti Law Firm helps clients determine a fair solution when dividing property for the best possible outcome.
According to the Minnesota Judicial Branch, you and your spouse should receive a fair and equitable share of marital assets. Property purchased after the marriage is typically considered a marital asset. As a result, if your spouse gets the property, you can receive compensation in lieu of the house to make the division equitable.
For property purchased before the marriage, you need to evaluate what percentage of the value is marital and what is non-marital. Assessment of value includes aspects of the property, from the down payment and timing of improvements to its change in market value.
You may sell the property if you and your spouse agree to it. However, many questions may occur during the sale process, complicating the situation, such as the following:
- Who pays for necessary improvements?
- How are disputes resolved regarding purchase offers?
- Who pays the mortgage and associated fees while the house is on the market?
- What happens if the property does not sell before the divorce is final?
Even if your divorce is not contentious, many issues can arise when dividing property. Leaving the decision to the courts rarely satisfies either party, so it is beneficial to work out as many details as you can to ensure the division terms are acceptable. Visit our webpage for more information on this topic.