When a married couple decides to get a divorce in Minnesota, they eventually realize that every little bit of property they own will need to be divvied up amongst them. While the smallest items often cause the most stress in a divorce, bigger assets carry more complexities.
Generally, divorcing couples will decide who gets the house or who gets the vacation property first. This makes sense since they are usually a couple’s biggest asset. While the decision of who will get to live in the house may be an easy one, managing the real estate issues involved may not be so cut and dry.
Real property may be deeded in the names of one spouse or both. Similarly, mortgages on that property may name one or both. Deciding who gets what should not stop at possession of the premises. Rather, couples must take the steps necessary to ensure legal title and contractual obligations related to a property are in order.
Minnesota’s judicial branch publishes resources to help divorcees manage real estate issues like this in a divorce. They also provide forms to help facilitate property division and settlement. The courts recognize, though, that divorce legal issues may be too complex for a generic form.
As a result, they advise prospective divorcees consult with a local family law lawyer to advise them on the process. These experts have managed thousands of real property transactions and know how to protect an individual’s investment so that equity is not stolen during a divorce. Their know-how has helped divorcees retain hundreds of thousands of dollars in net worth during the divorce process.
Source: Minnesota Judicial Branch, “Real Estate in Divorce,” accessed on September 9, 2014