33-1101. Homestead exemptions; persons
entitled to hold homesteads
A. Any person the age of eighteen or over, married or single, who resides within
the state may hold as a homestead exempt from attachment, execution and forced sale, not
exceeding one hundred fifty thousand dollars in value, any one of the following:
1. The person's interest in real property in one compact body upon which exists a
dwelling house in which the person resides.
2. The person's interest in one condominium or cooperative in which the person
resides.
3. A mobile home in which the person resides.
4. A mobile home in which the person resides plus the land upon which that mobile
home is located.
B. Only one homestead exemption may be held by a married couple or a single person
under this section. The value as specified in this section refers to the equity of a
single person or married couple. If a married couple lived together in a dwelling house,
a condominium or cooperative, a mobile home or a mobile home plus land on which the
mobile home is located and are then divorced, the total exemption allowed for that
residence to either or both persons shall not exceed one hundred fifty thousand dollars
in value.
C. The homestead exemption, not exceeding the value provided for in subsection A,
automatically attaches to the person's interest in identifiable cash proceeds from the
voluntary or involuntary sale of the property. The homestead exemption in identifiable
cash proceeds continues for eighteen months after the date of the sale of the property or
until the person establishes a new homestead with the proceeds, whichever period is
shorter. Only one homestead exemption at a time may be held by a person under this
section.
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