In which I will owe him is portion of the house value due to getting a divorce?
Full Question:
I would like to know what will most likely happen if I divorce my husband in regards to the house we live in. The house has been quit claimed to my sister and I after I was married, we live in the house and my mother still lives in the house too. My mother has a life estate on the house. I am trying to find out how that would be handled in a divorce. Will I have to owe him or will the assets be assessed to me, in which I will owe him is portion of the house value?
05/29/2007 |
Category: Divorce ยป Property Set... |
State: Minnesota |
#6013
Answer:
Minnesota is an equitable distribution state. This means that the court will divide the marital property between the parties as it deems equitable and just, after setting aside to each spouse the separate property of each. Factors the court considers in dividing the property between the parties include:,/p>
1. The economic circumstances of the parties at the time of the division of property
2. The contribution of each spouse to the marital estate
3. The value of the non-marital property set apart to each spouse
4. The conduct of the parties during the marriage, and
5. Custodial arrangements for minor children. MSA 518.58,
Please see the information at the following link:
http://definitions.uslegal.com/m/marital-assets/
