Keep, Sell, or Split: Dealing with the Marital Home During Divorce

 Posted on July 07,2022 in Divorce

Whether it is a house, condominium, townhouse, or apartment, your home is more than just a living space and deciding how to handle ownership of the marital home during divorce is no easy task. Your home may have great personal and financial value to you and your family. As you explore your options in preparation for divorce, consider the following factors regarding the marital home.

How to Handle the Marital Home in Your Illinois Divorce

Real estate properties are classified as either marital or non-marital. Most of the time, the family home is a marital asset. However, if one spouse owned the home before getting married or inherited the home, it may be classified as non-marital property.

If your home is a marital asset, both spouses have a right to a share of the home’s value. In this case, you have a few different options:

• One spouse keeps the home and buys out the other spouse’s equity. – One of the most common scenarios in a divorce is for one spouse to keep the marital home and the other spouse to move out. If a couple has children, the parent with the majority of the parenting time may keep the home to provide stability for the children. When one spouse keeps the home, the other spouse is compensated for his or her share of the home’s equity with other marital assets.

• You and your spouse sell the home and divide the proceeds. – Sometimes, it is best to sell the marital home in a divorce. Spouses may sell the home and split the proceeds or use the proceeds to pay off joint debt. This option may be best for you if neither spouse can afford the home on their own, you have significant marital debt, or you are simply looking for a fresh start.

• Co-own the property together. – Some divorcing spouses decide to retain joint ownership of the home after the divorce. They may do this because it is the best option for the children or because they are waiting for the housing market to shift in their favor. It is possible to co-own a house together after being divorced but you will likely need to update paperwork to do so. Selling the home or buying out a spouse’s share of equity are still options you can pursue in the future.

Contact Our DuPage County Property Division Lawyers

If you are getting divorced, turn to the trusted Wheaton divorce attorneys at Goostree Law Group. We can help you explore the advantages and disadvantages of your options regarding the marital home and other marital assets. Call 630-364-4046 for a free consultation.

Source:

https://www.bankrate.com/mortgages/what-to-know-about-divorce-and-mortgage/