The bill amends South Dakota law regarding the exemption of proceeds from the sale or division of a homestead. Specifically, it increases the amount of exempt proceeds from the current limit to one hundred thousand dollars for sales under certain conditions, including voluntary sales and those conducted under court order. Additionally, it clarifies that if a homestead is divided by court order and a lien is placed for the benefit of a nonoccupant spouse, the absence from the homestead and loss of title do not result in forfeiture of the homestead exemption. This protection extends to the judicial lien for a period of one year. Furthermore, the bill establishes a higher exemption limit of one hundred seventy thousand dollars for individuals aged seventy or older, or for unremarried surviving spouses of such individuals, as long as the property retains its homestead status. This amendment aims to provide greater financial protection for seniors and their families in the event of a homestead sale or division.

Statutes affected:
Introduced, 01/22/2025: 43-45-3
Senate Judiciary Engrossed, 01/30/2025: 43-45-3
Enrolled, 03/10/2025: 43-45-3