Divorce forces you to think about your future, what you want it to look like, and how to protect and prepare yourself for it. While trying to place yourself in the best position possible once your divorce is finalized, you may try anything to keep your family home. The marital home is typically the biggest asset in any divorce and one that often both spouses wish to keep. Before you enter into a fight regarding the home, there are some very important questions you must ask yourself.
Is the Home Marital Property?
Under Illinois’ property division laws, marital property is subject to equitable division. This means that if you and your spouse purchased the home together after you were married, the court will divide the home fairly, although not necessarily equally. If you or your spouse bought the home alone before marriage, on the other hand, it is separate property and the purchaser can keep it outright. Typically, family homes are considered marital property, although that is not always the case.
Do You Have a Premarital Agreement?
More and more couples today are entering into premarital agreements prior to marriage. If you and your spouse did this and the home was mentioned in the agreement and the agreement is deemed enforceable by the courts, the terms included in the agreement will stand, even if it is no longer your preferred outcome....