Deciding How to Handle Ownership of the Marital Home During Your Illinois Divorce

 Posted on January 06, 2023 in Family Law

If you are like most people, your home is not only the most valuable asset you own, but it is also a source of deep emotional attachment. Deciding how to handle ownership of the marital home is often one of the hardest parts of the divorce process. There are many different ways to approach this issue.

If you are getting divorced, reach out to a skilled divorce lawyer for guidance. Your attorney can help you understand your rights, evaluate your property division options, and choose the course of action that is best for your unique situation.

Options For Ownership of the Family Home

A family home is typically considered a marital asset. This means that both spouses have a right to a share of the home's value. One option during divorce is to sell the home and divide the proceeds between you and your spouse. This can be a good choice if you do not want to continue living in the home after the divorce or if neither of you wants to buy out the other's share of the home. Some people choose to sell their home and use the proceeds to pay off joint debt. This ensures that both parties will start their new lives free from joint liabilities.

Another option is for one spouse to buy out the other's share of the home. This means that one spouse stays in the home while the other spouse receives money or assets to compensate them for their share of the home's value. This can be a good choice if a spouse wants to keep the home to provide stability for the children. It is important to remember that if you choose to keep the home, however, you will be solely responsible for the mortgage and all associated costs.

If neither spouse wants to sell the home or buy out the other's share, they can maintain joint ownership. This means that each spouse continues to own a share of the home and they both remain responsible for the mortgage, taxes, insurance, and other associated costs. This can be a good choice if both spouses want to keep the option of selling or refinancing open in the future. However, there are risks and challenges associated with this option.

No matter which option you choose, it is important to make sure that the ownership of the home is clearly stated in your divorce settlement agreement.

Contact a Hinsdale Divorce Lawyer

Our DuPage County divorce attorneys can help you evaluate your asset division options and make sure your rights are protected throughout the divorce. Call the Law Office of Martoccio & Martoccio at 630-920-8855 for a free, confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm