Nelson Law Office
Call Today : 507-205-9696
  • Home
  • Practice Areas
    • Divorce, Custody And Support
    • Real Estate Transactions
    • Bankruptcy And Debt Relief
    • Estate Planning And Elder Law
  • How I Can Help You
  • Blog
  • Contact My Office
Nelson Law Office

Call Today : 507-205-9696

  • Home
  • Practice Areas
    • Divorce, Custody And Support
    • Real Estate Transactions
    • Bankruptcy And Debt Relief
    • Estate Planning And Elder Law
  • How I Can Help You
  • Blog
  • Contact My Office
Nelson Law Office

Call Today: 507-205-9696

  • Home
  • Practice Areas
    • Divorce, Custody And Support
    • Real Estate Transactions
    • Bankruptcy And Debt Relief
    • Estate Planning And Elder Law
  • How I Can Help You
  • Blog
  • Contact My Office
Family homes in a divorce
  1. Home
  2.  | 
  3. Division of Assets
  4.  | Family homes in a divorce

Family homes in a divorce

On Behalf of Nelson Law Office | Dec 22, 2021 | Division of Assets |

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.

  • Facebook
  • Twitter
  • LinkedIn

Recent Posts

  • Real estate and your divorce settlement
  • Could your estate plan be missing something important?
  • Protecting real estate in a divorce
  • Understanding estate planning for blended families in Minnesota
  • Moving out of your marital home in Minnesota could be a mistake

Archives

  • January 2023
  • December 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • October 2020
  • August 2020
  • June 2020
  • April 2020
  • February 2020
  • December 2019

Categories

  • Bankruptcy
  • Child support
  • Custody
  • Division of Assets
  • Divorce
  • Estate Planning
  • Firm News
  • Uncategorized

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network

Get A Free Consultation

Nelson Law Office

Our Address

64 W. 3rd St.
Winona, MN 55987

Phone : 507-205-9696

Winona Law Office Map

Get In Touch

  • Follow

© 2023 Nelson Law Office • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters

Review Us