Marital property in Minnesota is any property you and your spouse acquire during the marriage. If you purchased your family home after marriage, it counts as marital property no matter the name on the title. Dealing with the family home during a divorce can get complicated, but there are options for handling the property.
Keep the home
Keeping the home is possibly the easiest option if children are involved. You might want to avoid taking the children from the home and neighborhood that makes them comfortable. Selling the home during the divorce means the children must change schools and make several other adjustments.
If you decide to keep the home, you’ll need to create a living arrangement with the other parent. You will need to decide which one of you will remain in the home with the children. If there’s a mortgage, will you split the payments? Will you take turns staying in home with the children? Keeping the home is a viable option, but it requires cooperating with your former spouse.
Sell the home
If you and the other person agree to sell the family home, it’s possibly a good idea. Selling the home before the divorce means you can split the proceeds and use the money for your new life. For example, you can take the money and find a new place to live. You can also use the money to pay for expenses related to the divorce.
Another reason why you might prefer selling the home is to make a clean break. Once the home is sold, you no longer must deal with the property or make living arrangements with the other person.
Co-own the home
With this option, you and your spouse both move out of the home. However, you use the home for other purposes. For example, you can turn the home into a rental property. Another option is to turn the home into an Airbnb. Most locations have rules and laws you must follow to start an Airbnb rental. Make sure to check the legalities of owning an Airbnb in your area.
The options above are just a few ways to deal with your family home during a divorce. You’ll likely want to consider several options before deciding what’s best for your situation.
