The Dangers of Jointly Owning Property After Your Illinois Divorce

 Posted on February 19,2020 in Asset Division

When you get a divorce, one of the most difficult subjects to handle is the division of property between you and your spouse. Not only can it fuel the emotional side of divorce, but property division can become complicated when trying to determine what to do with specific assets and how to make the division as fair and equitable as possible. There are a variety of factors that come into play when determining how marital property is divided.

Dividing Real Property

Some of the most complicated issues arise when it comes time to determine how real estate property is divided. Because a home cannot be physically split in half, couples sometimes have to get creative when distributing the value of this property. Spouses typically have three choices when it comes to dealing with the home: selling it and splitting the profits, keeping it in one spouse’s name while that spouse “buys out” the other spouse's share, or continuing to jointly own the home.

Dangers of Continued Joint Ownership

It is rarely a good idea to continue to jointly own property after a divorce. It is in your best interests to ensure that only your name is on the deeds or titles to any property that you are awarded in the asset division process.

For example, consider a couple who have decided that the wife will keep the family home rather than sell it. It may be written into the divorce agreement that the wife has ownership of the property and must completely transfer it into her name within five years after the divorce is finalized. Years pass, and the wife still has not fully transferred the home to her sole ownership, and she has also been inconsistent with paying the mortgage in a timely manner. Since the husband’s name is still on the deed and mortgage, his credit score will be affected each time the wife is late on a payment. In addition, because his name is on the title of the home, he may be unable to obtain financing for a new home. In a case such as this, even though the divorce has been final for years, the ex-husband may need to take the case back to court to ensure that his ex-wife complies with the terms of the divorce agreement.

It is in both spouses’ best interests to reconcile any property division issues during the divorce. Avoiding any ongoing financial entanglements after the divorce is final can save a great deal of time, money, and emotional distress. 

A Wheaton, IL Divorce Attorney Can Help You

For some couples, joint ownership of property following divorce may seem appealing, but it can ultimately cause problems and conflicts in the long run. If you are getting a divorce, you should talk to a skilled DuPage County property division lawyer who can help you understand all of your options when it comes to splitting the value of your property. At the Goostree Law Group, we will work to protect your best interests at all stages of the divorce process. To schedule a free consultation, call our office today at 630-364-4046.

Sources:

https://www.isba.org/sections/realestate/newsletter/2017/11/doingdeedsomeproperty

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59