Who gets the House in a Divorce?

House in a Divorce
Who gets the house in a Divorce?

Who gets the House in a Divorce, in Minnesota?

Who gets the house in a divorce is potentially two questions in one. 

First is “how do I get my financial share of the house?”  In most Minnesota marriages, the house is either completely a marital asset or has some marital component. 

Equity in the home is the home’s value minus any loans against it.  This equity is typically the value of the marital asset. 

A home is not like a bank account.  It cannot be split between spouses.  Instead, either one spouse keeps it or the house is sold.  Based on this question, let’s assume one spouse is keeping the house.

In that event, the spouse not keeping the house is owed his or her marital share of that value.  This will typically be paid by (1) payment from some other marital asset, (2) a forced sale provision which will require the sale of the home by some future date, or (3) the home’s keeper getting a loan/mortgage and using that to pay.

The second question is “who gets to stay in the house after a divorce?”  This refers to home occupancy.  There is no bright-line rule for this.  Typically neither spouse has a superior right to stay in the home.

A Court may consider the following: a custody arrangement, who can afford to pay the mortgage, who’s on the mortgage, whether one spouse can get another loan, who bought the house, when the house was bought, and how liquidation of the home may affect other financials.

As this shows, there can be a lot of argument around a divorcing couple’s specific situation.  It will be decided on a case by case basis.

For more practical questions, visit here.

 

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