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The family home is not only the most valuable asset divided in many divorces, but it is also one of the most sentimental. The couple often purchased the home together after they got married, and they may have even raised children in the home. It is for all of these reasons that many people want to keep the family home during a divorce, but doing so is a complex process. If you want to keep your home in your divorce, below are the five steps to follow.
An official appraisal will determine the fair value of your home. The appraiser will consider external factors such as the location, the lot size, and access to public utilities, as well as internal factors. The internal factors an appraiser will consider include the square footage of the home, the number of bathrooms and bedrooms, and the type of foundation.
You can learn how much is left on your mortgage by contacting your lender or looking at your mortgage documents. Once you know how much is left on the mortgage, you should then subtract that amount from the value of the home to determine how much equity is in the home.
Under Illinois’ property division laws, all assets in a divorce are divided fairly, although not necessarily equally. To determine how to divide the equity fairly, the couple should decide how they would split the equity if the home was going to be sold.
If you want to keep the family home after divorce, you will have to buy your spouse out, meaning that you will have to reimburse them for their portion of home equity. This will ensure that the home is divided fairly according to the law. Still, a judge may determine that a higher-earning spouse is responsible for helping with mortgage payments or homeowners’ insurance through alimony payments.
Refinancing the mortgage is a very important step if you want to keep the family home after divorce. This process will remove your spouse’s name from the loan so it is in your name only. Refinancing a mortgage has the potential to become extremely complex, but will establish that you are the only owner of the home.
It is understandable that so many people want to keep the family home after divorce. However, the process of doing so is not easy. If you want to keep your home after your divorce, our skilled Geneva divorce lawyers at the Law Office of Martoccio & Martoccio can help. Our skilled attorneys will always protect your property rights and help you through the complex and stressful process that will allow you to keep the home. Call us today at 630-920-8855 or contact us online to schedule a free consultation and to learn more about how we can help.