Divorce is complicated enough, but the process becomes even more complex if you own a home with your ex-spouse. According to Minnesota statutes, the court attempts to divide marital property in a manner they deem just and equitable. However, the court’s idea of just and fair might not match your own.
Fortunately, if you want to keep your home, you have the option to use a marital lien. Continue reading to learn more about marital liens and how they help to keep your home during property division.
The signing-over process
Most people do not have the capital available to buy out their spouse’s share in the home. In this case, a marital lien becomes the most feasible option. Essentially, the lien is a promise to pay your ex-spouse at a future date or through an ongoing payment plan. Your ex-spouse signs a deed that puts the title of the house in your name only. Remember that your promise to pay must include a viable payment plan that you can uphold, and you need to have a good amount of equity in the home.
The value to your ex-spouse
On the other hand, a marital lien is valuable to the spouse who leaves the home. If your ex-spouse wants to sign over a lien to you, you have the option to sell it for an immediate cash payment. However, the lien cannot include other agreements such as child support.
Not everyone can afford a marital lien. However, if you want to stay in your home after a divorce, it is an option you should consider.