Should I Fight to Keep Our Home in My Illinois Divorce?

 Posted on January 23,2024 in Asset Division

A common question that people going through a divorce ask is what they should do with the home they share. Real estate is a significant asset generally worth a lot of money. In addition to financial value, some people put a lot of time and effort into a renovation that turns it into the home they always dreamed of. Other people have a strong emotional attachment to their home, as it is a part of their memories of important stages in their lives. It is easy to see why the question of what to do with a family home in a divorce is no simple matter to answer. If you are going to get divorced and find yourself struggling with the same issue, an experienced Wheaton, IL, property division lawyer can offer you guidance and help you weigh your options.

Why Is This Such a Complicated Issue to Resolve?

Unlike other assets that can be divided based on their monetary value, several factors go into the decision of whether or not you want to keep your home after a divorce. When you think about the home, are your memories of it positive or negative? Did you invest in renovating it? Is it your dream home or just a place where you happen to live?

There are a few different ways this can be figured it:

• Neither spouse wants to stay in the home. If this is the case, the property can be sold and the spouses can split the money left after paying off the balance of the mortgage. This is one of the easier ways for this to be handled.

• One spouse does not want the home and the other does. In this case, the one who wants to keep the home will have to “buy out” the other spouse. The one who does not want it will walk away from the property but be compensated for it financially.

• Both spouses want to keep the home. In such a scenario, the division of assets can become much more complicated.

Before you decide how you want to proceed, you should take some time to think it through to understand what would be in your best interest. Are you financially capable of handling the rest of the mortgage payments on your own, as well as the costs of routine home maintenance, home insurance, and taxes? Does your custody arrangement stipulate that the other spouse has majority custody, in which case it might make sense to let them stay put so your children can have some stability? The decision of whether or not to fight for your home is easier to make after you have been able to consider how your and your children’s interests might best be served.

Schedule a Free Consultation with a Wheaton, IL, Property Division Attorney

If you are going to get a divorce and are not sure what to think about the future of your family home, a knowledgeable DuPage County, IL, divorce lawyer can help you sort through all the factors. Please call Goostree Law Group at 630-364-4046 to schedule a free consultation so we can get started on helping you through this important decision.