Should You Sell Your MN Property Before Your Divorce?
The law surrounding divorce in Minnesota can be complex, particularly when property is involved. Many wonder if a house purchased during marriage should be sold before divorce. It’s a good question, but the answer isn’t that simple.
In a divorce, the goal of both you and our soon-to-be ex-spouse should align, both seeking to come out happy with the ability to start anew. If you have property you purchased while you were together, this can sometimes be divided equally. Often, property like a home will be sold, and assets divided through the courts or mediation.
An experienced attorney can help you navigate the complicated legal aspects of your divorce, including marital property. Make sure to consult with one before you make a big decision like selling your house. Read on to find out more.
Who Gets the House in a Minnesota Divorce?
If you and your spouse purchased the home together, you must agree on who gets the house or the court will. The best case scenario is that you and your ex-partner agree on selling the home or one of you buys out the other so that the assets can be distributed equally. If you cannot do that, it’s up to people who may not have your best interests in mind.
If one of you purchased the home before you were legally married, the person who purchased it may have the right to keep it in the divorce. Of course, if there is a prenuptial agreement, then things can get even more complicated.
Choosing to sell the house if it’s joint property is always the best option, but you both must agree to do it. That means fielding offers together and cooperating on its selling price and showings. You will have to be able to work together to get through the logistics of the sale, requiring you to be on the same page. If you cannot accomplish this, selling before the divorce may not be the right option for you.
Often, one party may be low on cash to finance a divorce, which is why the house needs to be sold. This is a viable avenue for getting some money, but you still need to consult an attorney about the implications of selling the home and buying anything else with the proceeds if you are still legally married.
What About the Housing Market in Minnesota?
Divorces are not quick. Often, it can take anywhere from one month to three for a judge to review the decree and sign it – and that’s after everything has been agreed upon and settled.
If you intend to sell your home during the divorce, you should do so during the peak selling months to allow you to make the most of your sale. Timing is everything and something you must keep in mind.
If you are thinking of selling your home before you file for divorce, then it’s in your best interest to consult with an experienced and skilled family law attorney before you do so. In Minnesota, there are many things to understand, and a skilled attorney can walk you through every option available to find what is right for you.
About the Author:
A former Assistant Public Defender for the Sixth Judicial District in Duluth and former staff attorney for the Indian Legal Assistance Program, Brent R. Olson is an experienced trial lawyer who has appeared in every Courthouse in the Sixth Judicial District and taken over three dozen cases to verdict. At LaCourse, Poole & Envall, Mr. Envall focuses on family law, workers’ compensation, and criminal defense. He has a strong belief in restorative justice and helped to develop the Domestic Violence Restorative Circles program.