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, allowing for an exemption of up to one hundred thousand dollars for a period of one year after the sale. Additionally, if a homestead is divided by court order, the bill clarifies that absence from the homestead and loss of title do not result in forfeiture of the homestead exemption, and that homestead protection will extend to any judicial lien for one year.

Furthermore, the bill maintains a higher exemption limit of one hundred seventy thousand dollars for individuals aged seventy or older or for unremarried surviving spouses of such individuals, provided the property continues to qualify as a homestead. This legislative change aims to enhance the financial protection of homeowners during the sale or division of their property, particularly in sensitive situations such as divorce or the death of a spouse.

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