Real estate plays such a pivotal role in your marriage, and few partners will be at ease in dividing a property up. Your divorce in Minnesota will eventually involve an accounting of your marital assets. What you and your spouse have accumulated together is judged under common property laws. Divorce settlements offer specific options for asset division. How your property is divided is based on you agreeing to one of these.
Sell and split
Property, be it tangible or intangible, can be sold as part of a divorce. How the proceeds from property are divided is determined by you and your spouse. As a typical framework, consider selling a house and then splitting the value evenly between you two. Your share, however, can be argued for an increase.
A spousal buyout
During a divorce, one spouse has the right to offer a purchase price to their spouse. This price is what one is willing to pay for the other’s share of real estate. Making an offer with complete confidence is the key to making a spousal buyout work. The spouse making an offer has to confirm that they’ve assessed the value of their property correctly. They will need:
• Appraisals
• Payment options
• Direct negotiations
• Final settlements
Deferring assets
You both have the option of doing nothing with a piece of real estate. This same option exists with retirement accounts that need to appreciate in value. After a divorce, spouses can hold a piece of property for shared use with children or to wait for a better seller’s market. Deferring assets in this way requires both spouses to have a prepared agreement for future transactions.
Divorce in Minnesota
Speaking with a financial analyst is a decent start in assessing the true value of your home. You can’t achieve an equitable settlement if the right appraisals aren’t done. Understanding the tax liabilities you have is something a fiduciary can also help you with.
