This bill amends Sections 55-1002 and 55-1008 of the Idaho Code to revise provisions regarding homestead property and the homestead exemption. Notably, it allows each spouse to separately claim a homestead exemption, which was previously restricted to prevent the same property from being claimed by both spouses in a way that would increase the net value of the homestead beyond specified limits. Additionally, the bill clarifies that when a homestead is sold voluntarily for the purpose of acquiring a new homestead, the proceeds from that sale, as well as insurance proceeds for destruction of homestead property, are exempt from execution or forced sale for one year, provided they do not pertain to bankruptcy proceedings.

The bill also establishes that every homestead created under this chapter is presumed valid until contested in court. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 55-1002, 55-1008