When a marriage ends in Minnesota, one of the biggest challenges is asset division. Property division is a sore subject for many divorcing couples and it’s not uncommon for couples to argue over who gets the house, car, furniture, art collection and other sentimental assets. When a couple agrees to sell the family home and split the proceeds, it’s a step in the right direction, but there are still issues that may arise if the home doesn’t sell as quickly as expected.
One thing to think about is whether either spouse will live in the home while it is on the market. This may be a temporary solution if one spouse hasn’t found a place to live yet. How will the spouses handle disputes over offers on the home? One may think the offer is acceptable, while the other may think it’s too low.
While the home is on the market, the mortgage, tax and insurance payments don’t stop. Plus, the home may need repairs before it can be sold. Who will be responsible for paying these expenses?
Unfortunately, the sale of a home does not always result in a profit. What happens if the house is sold and there isn’t enough money to pay off the mortgage? Will both spouses be responsible for paying the difference?
A divorce is a complicated process, especially when there are large assets such as homes involved. Ideally, a couple would maintain civility during the divorce process in order to negotiate and resolve issues quickly and inexpensively.
Source: Minnesota Courts, “Common Questions about Real Estate in Divorce,” accessed March 29, 2015
