HOMESTEAD EXEMPTION

The Minnesota Court of Appeals refused to broaden the scope of the homestead exemption in a recent decision. Kipp, et al., vs. Sweno (2001). The total homestead exemption for a couple holding property in joint tenancy is $200,000; Value over this amount is subject to claims by creditors.

The decision is consistent with statutory language stating that the exemption is $200,000, "whether the exemption is claimed jointly or individually". Minn. Stat. 510.02 (2000). The decision makes it clear that couples are not entitled to separate exemptions on propterty, which would bring the total exemption to $400,000.