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 sale of a homestead, which is now set at one hundred thousand dollars for a period of one year after the owner receives the proceeds. Additionally, for individuals aged seventy or older or their unremarried surviving spouses, the exemption is raised to one hundred seventy thousand dollars, provided the property continues to qualify as a homestead. Furthermore, the bill clarifies that if a homestead is divided by court order, the absence from the homestead and loss of title do not result in the forfeiture of the homestead exemption. Instead, the homestead protection will extend to any judicial lien imposed for the benefit of a nonoccupant spouse for a duration of one year. This amendment aims to enhance the financial security of homeowners, particularly seniors, in the event of a sale or court-ordered division of their property.

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