Divorce often brings about complex decisions, and one of the most significant concerns for many couples is the fate of their shared home. At Beckman, Steen & Lungstrom, our Minnetonka family law attorneys understand that a home is a substantial asset, and determining its ownership can be a crucial aspect of divorce proceedings. Let’s explore the options available to individuals seeking to keep their house in a Minnesota divorce.
Understanding Property Division in Minnesota
Minnesota follows the principle of equitable distribution when dividing marital property during a divorce. This means that assets are divided fairly but not necessarily equally. The court considers various factors to determine what is fair, including each spouse’s financial situation, contributions to the marriage, and future needs.
Options for Keeping the House
One spouse may choose to buy out the other’s share of the home. This involves compensating the other spouse for their share of the home’s value, allowing one party to retain ownership.
In some cases, couples may opt for co-ownership, allowing both spouses to remain on the property title. This arrangement may be temporary until a later agreed-upon date, such as when the youngest child reaches a certain age.
Another option is a deferred sale, where the couple agrees to postpone selling the home until a specified future date. This allows one spouse, often the custodial parent, to remain in the home until certain conditions are met.
Factors Considered by the Court
When deciding who gets to keep the house, the court considers various factors, including:
- Each spouse’s financial situation
- Contributions to the acquisition and maintenance of the home
- Custody arrangements and the best interests of the children
- Future financial needs of each spouse
Expert Guidance for Your Situation
Navigating the complexities of property division and determining the fate of the family home requires the expertise of a family law attorney. Our Minnetonka family law attorneys at Beckman, Steen & Lungstrom have extensive experience in handling such matters, providing guidance and advocacy tailored to your unique situation.
Serving Surrounding Cities
Our Minnetonka family law firm proudly extends its services to clients in surrounding cities, including Eden Prairie, Hopkins, Plymouth, St. Louis Park, Edina, Wayzata, Golden Valley, Excelsior, Chanhassen, and Bloomington.
Contact Beckman, Steen & Lungstrom
If you are facing a divorce and are concerned about the fate of your home, don’t hesitate to reach out to our experienced family law attorneys. Call Beckman, Steen & Lungstrom at (952) 938-3411. Let us provide the legal support and guidance you need to make informed decisions about your home and other assets during this challenging time.