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Who Gets to Keep the House After an Illinois Divorce?

Posted on in Division of Assets

IL divorce lawyerThe division of property and debt is often one of the most important aspects of divorce. If you are ending your marriage, you may have questions about how your shared assets will be divided between you and your spouse. If you are like many soon-to-be-divorced people, you are especially concerned with ownership of the family home. Your house, condominium, or other residence is not only a valuable asset in the financial sense, it is also valuable for sentimental and personal reasons. If you are a parent, the family home may also represent stability and familiarity to your children. Understandably, the question of who gets the house is often one of the top concerns in a divorce case.

Illinois Law Regarding the Marital Home

The court does not always allocate marital assets in a divorce. In most cases, the spouses are able to reach a property division settlement outside of court with help from their attorneys. Some couples decide to sell the home and divide the profits from the sale evenly. Other couples decide that one spouse will keep the home while the other spouse keeps property of equivalent value.

However, if a couple does not reach an agreement, property is allocated according to the rules set forth by Illinois law. Illinois courts allocate marital property to spouses in a manner that is equitable, or fair, according to the spouses’ financial circumstances, employability, child custody arrangements, and other factors.

Deciding Whether to Keep the House After Divorce

The question of whether a spouse can keep the house after a divorce is not the same as whether the spouse should keep the house. Divorce places your life in a massive upheaval. Understandably, you may want to keep the house simply to avoid adding a stressful relocation on top of the divorce. Your home may feel safe and familiar at a time in your life where little else does.

Unfortunately, keeping the family home is sometimes more of a liability than an advantage. Between mortgage payments, property taxes, maintenance and repair costs, cleaning, and yardwork, many recently divorced individuals find themselves in over their heads. They realize that they simply do not have the time, energy, or financial resources to continue caring for the home.

Contact a Naperville Divorce Lawyer

The family home is usually considered marital property in a divorce which means that both spouses are entitled to a share of the home’s value. For help with property division concerns and other legal matters during divorce, contact the skilled DuPage County divorce attorneys at Pesce Law Group, P.C.. Call 630-352-2240 for a free consultation.

 

Source:

https://www.forbes.com/sites/marcellefischler/2011/10/12/house-regret-among-divorcing-couples-the-house-has-become/

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