Does the equity in the joint home property need to be “eqitably” divided if both parties agree to not do this?

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Does the equity in the joint home property need to be “eqitably” divided if both parties agree to not do this?

My spouse and I both agree he will keep the house and cosume the 1st and 2nd mortage and I will not seek any portion of the equity. Both of us understand what this mean for us. Can we agree to this and have it be honored in our state?

Asked on March 24, 2009 under Family Law, Minnesota

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You really need to sit down with a divorce atty in your state because doing what you propose may negatively impact the existing loans (i.e., accelerates the loan).  Are you currently joint tenants (ownership)?  Are you both on the loan?  https://www.revisor.leg.state.mn.us/statutes/?year=2006&id=518.58


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