A homestead or homestead estate generally includes a house, outbuildings, and the adjoining land owned and occupied by a person or family as a primary residence.

Many states—but not all—have laws that protect a person’s homestead from forced sale for the satisfaction (payment) of debts—at least up to a certain amount of the homestead’s value. These laws may be referred to as homestead exemptions or homestead laws and may be located in a state’s constitution or in its statutes.

The homestead exemption exists to provide a secure home for the family against creditors. The exemption is liberally construed to further its purposes. No specific writing is needed to claim a homestead exemption, but instead merely proof of concurrent usage and intent on the part of the owner to claim the land as a homestead.

In some states the constitutional family homestead exemption applies to the entire family, and not to either spouse individually. Therefore, so long as real property is a family homestead due to one spouse's intention and use, that property is protected by the homestead exemption, unless full abandonment has been pleaded and proved. Once a property has been established as a homestead, the property remains exempt unless it ceases to be a homestead due to abandonment, alienation, or death.

Abandonment of a homestead occurs when the homestead claimant ceases to use the property and intends not to use it as a home again. Anyone asserting abandonment of a homestead has the burden of proving it by competent evidence.

In Wyoming, the homestead exemption is designed to protect a portion of a person's home and adjoining land from being forcibly sold to satisfy debts, ensuring that individuals have a secure place of residence. Wyoming's homestead exemption is codified in Wyoming Statutes Annotated § 1-20-101 et seq. As of the knowledge cutoff in 2023, the exemption amount is up to $20,000 in equity for an individual and up to $40,000 for a married couple. The exemption applies to the dwelling used as the primary residence, including the house, outbuildings, and adjoining land. To claim the exemption, the homeowner does not need to file any specific document; rather, they must demonstrate the intent to use and the actual use of the property as their primary residence. The exemption is available to the entire family and is not limited to one spouse. It continues to protect the property unless there is evidence of abandonment, alienation, or death of the owner. Abandonment requires proof that the claimant has ceased to use the property as a home and does not intend to return.