Being able to keep your home can help you ride out the instability of the divorce process. Whenever everything else in your life seems to be changing, and your personal life, your finances and even your relationship with your children are up in the air, knowing that you get to come home to your own house each day can make a huge difference. But homes aren’t just important for emotional support — they also provide a real form of financial stability that can increase in value over time and give you the power to make decisions about where and how you want to live later on. So how can you make sure you keep your home?
If a couple purchased a home together or while they were married, it is considered marital property and therefore must be included when a court is determining how to divide a couple’s assets. In Minnesota, courts seek to distribute the marital property equitably, meaning that judges try to split things fairly, but not necessarily evenly. They consider factors such as the length of the marriage, each spouse’s employment, and the contributions that each made when determining how to come to a fair solution. While judges often give the home to a spouse who has physical custody of children, this is not guaranteed.
Leaving your living situation up to a judge isn’t your only option. Instead, your attorney can help you negotiate with your spouse to come up with a solution that works for everyone. For example, you could agree to allow your spouse to keep the car and more of your savings in exchange for allowing you to stay in the marital home.
For help finding optimal solutions to your property division issues, consult a knowledgeable Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A. today.
