When couples divorce, there are often many closely intertwined assets to sort through and divide. However, few items manage to outweigh the emotional attachment that a couple may have to their marital home. Sadly, it is this very same attachment that can make it difficult to make a decision that satisfies both parties. If you are filing for an Illinois divorce and are concerned about your home, the following information may help.
Keep It or Sell It?
Before a couple can truly decide what will happen to the marital home, they must first determine if either party can reasonably maintain it. This consideration should include more than just the mortgage and insurance costs. Monthly maintenance, cleaning duties, and possible repairs should also be factored into the equation. If it turns out that neither you nor your spouse have the time, resources, or energy to keep up, it may be best to go ahead and sell it and distribute the proceeds accordingly. While it might be difficult to come to terms with this decision, try to frame it in a positive light. For example, selling your larger home gives you the chance to cut down on your bills and responsibilities, giving you more freedom in your new life. Who knows? Selling your home could be just the fresh, new start that you need.
When You Want to Keep the Home
Of course, not every couple will want or need to sell their home. Some simply may not be able to without taking a massive financial hit. Others may wish to retain the home, at least until their children grow up. Whatever the case may be, it is critical that spouses carefully consider the possible implications. For example, if one spouse decides to keep the family home, and the other party agrees, then the spouse who keeps the home may receive less in the way of other assets from the marriage (essentially known as “buying out” your spouse).
When an Agreement Cannot Be Reached
In Illinois, couples are allowed to negotiate a divorce settlement outside of court. This includes determining who will take over which assets and/or property. Unfortunately, not all couples are able to agree on such matters. In these situations, the case may be taken to court, where a judge will use a number of factors to determine how assets and property will be distributed. These considerations may include:
- Tax consequences of keeping the asset/property;
- Distribution of other assets and property;
- Which party has the greatest amount of parenting time;
- Best interests of all parties (including children); and
- Any other factors the court may deem relevant.
Contact Our Experienced Elgin, Illinois Divorce Lawyers
If you are planning on filing for divorce, get the seasoned representation you deserve and contact Pucci|Pirtle today. Our Elgin, Illinois divorce lawyers take a personalized approach to every case because we know that each divorce is unique. No matter what the situation, we will protect your rights and best interests. Schedule your confidential consultation by calling us at 847-426-1866.
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DIVISION OF PROPERTY