Tag Archives: selling family home in divorce

IL family lawyerDivorce is usually a time of drastic changes. Everything from your normal breakfast routine to where you sleep at night goes out the window during divorce. For many couples, selling the home becomes a necessity to manage finances. As the two spouses split up and live in different locations, paying the mortgage on top of rent becomes unmanageable, particularly when the two parties have to pay separate utilities and a plethora of other expenses that used to be shared. In fact, 61 percent of divorced couples end up selling the home. However, not all soon-to-be divorced couples sell the home, and in some cases, this is the best decision if at all possible.

If You Have to Sell the Home

Finances or moving out of town are two of the most common reasons that divorced couples sell their home. Selling the home can provide the best way to split the value of the property during division of assets, can allow both parties financial footing to start off anew, and can minimize stressful costs by getting rid of an expensive mortgage. After all, if one party ends up owning the house, they may not even be able to cover the mortgage by themselves. If you are selling your home during divorce, make sure to follow the tips below:

  • Discuss the full plan with your spouse before taking any other actions, as well as the pros and cons of selling or staying;
  • Divide the costs of cleaning, maintenance, renovations, and any other repair work evenly or at least keep close track of the costs;
  • Choose a realtor together;
  • Keep dialogue open with your spouse during the sale;
  • Hire an attorney before the sale goes through; and
  • Divide the assets. Marital property in Illinois is divided equitably.

Choosing to Keep the Home

For parents who can afford to keep the home, the stability that brings to your children may outweigh any other positives that selling the home has to offer. Additionally, older divorces may benefit by holding onto a home that they own outright. After all, late-life divorces are much more common now than in the past. In 2014, Americans over the age of 50 were twice as likely to get divorced than 50-plus-year-old Americans in 1990. For divorcing couples that choose not to sell the home, they, along with their attorneys, need to figure out an equitable way to divide assets, since the home (usually) cannot continue to belong to both parties. And, if there is a mortgage left to pay, the spouses must reach a decision on who is responsible for paying what. In some cases, the spouse who no longer lives in the home may be responsible for paying part of the mortgage.

...
Continue reading

Recent Blog Posts

Categories

Archives

Free Initial Consultations

phone 630-920-8855
address15 North Lincoln Street, Hinsdale, IL 60521
phone 331-588-6611
address21 North 4th Street, Geneva, IL 60134
Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

© 2019 Law Office of Martoccio & Martoccio 15 North Lincoln Street, Hinsdale, IL 60521 630-920-8855

OVC Lawyer Marketing

Share Your Experience

X