When a Minnesota couple decides to end their marriage, they may be wondering what will happen to the house they share. Typically, a home is one of the largest assets a couple has, and most couples are able to come to an agreement regarding it. However, in some cases, a couple may not be able to reach an arrangement with what to do with a home, so a judge will need to make the decision.
Before a judge makes a decision, a few factors would need to be considered. For example, if a couple has children, the judge may decide to award the home to the parent who has primary custody. This decision is usually made because a judge will try to make sure that the children’s lives are disrupted as little as possible. However, if the custodial parent does not have the financial means to maintain the home, then this many not be the case.
If a house was kept in the family for generations, a judge may be more likely to award it to the person who inherited the property. This may be true even if both the names of a couple are on the deed. A judge may also force a couple to sell the house, but the proceeds may not be distributed evenly. For instance, more of the profit may go to the individual who spent more to maintain it or initially buy it.
The resolution of a divorce does not have to be detrimental to the financial status of a claimant because of a dispute. A divorce requires a careful evaluation of prenuptial agreements, child visitation plans, and post-divorce modifications to ensure that the settlement terms are suitable for the end of a marriage. Whether a divorce is agreed upon between both parties or conflict exists, a divorce attorney may be able to provide assistance in protecting property and parental rights.