Who Keeps the House in a High-Asset Divorce?

 Posted on October 29, 2024 in Asset Division

Dividing property during a divorce can be complicated, especially when high-value assets like real estate are involved. The couple’s home is often one of their most valuable assets, and determining who keeps the house in a high-asset divorce requires careful deliberation. 

Without proper guidance, it is easy for one spouse to feel they are losing more than just a home — he or she could be left with an unfair portion of a couple’s shared financial security. An experienced Illinois divorce attorney can help you navigate the difficulties of property division and ensure that your assets are properly distributed.

How Is Real Estate Divided in a High-Asset Divorce?

In a high-asset divorce, Illinois law follows the principle of equitable distribution. This means that property is not necessarily divided equally, but instead, fairly based on several factors. When it comes to real estate, such as the marital home, the court considers:

• The financial contributions of both spouses to the property

• The duration of the marriage

• The needs of each spouse post-divorce, including considerations for children

• The economic circumstances of each spouse, including earning capacity and financial independence

The court will also determine whether the property is marital or nonmarital. Generally, real estate acquired during the marriage is considered marital property and is subject to division, while real estate acquired before the marriage may be classified as non-marital.

What Role Does Real Estate Valuation Play?

One of the most important steps in dividing real estate during a divorce is determining its value. Property valuation in a high-asset divorce can be complex because the value of high-value homes, vacation properties, or investment real estate may fluctuate or have unique characteristics that make valuation more difficult.

For an accurate valuation, divorcing spouses typically rely on professional appraisers who assess the property's current market value. Some factors appraisers consider include:

• The current market trends

• The condition of the home or property

• Comparable sales in the neighborhood or area

• Any improvements or modifications that have been made

Who Gets to Keep the Marital Home?

Deciding who keeps the marital home in a high-asset divorce depends on several factors. For instance, if one spouse is granted primary custody of the children, the court may award them the home to minimize disruption in the children's lives. Other considerations include each spouse's financial situation and whether one spouse can afford to independently maintain the property after the divorce.

If neither spouse can afford to keep the home, selling the property may be the best option. In this case, the money from the sale will be divided according to the terms of the divorce settlement or court order.

What Happens to Other Real Estate Assets?

Dividing additional real estate follows a process that is similar to dividing the couple’s home. The court evaluates whether the property is marital or nonmarital and determines its value. The court then considers the best way to divide these assets, which may involve selling, transferring ownership, or buying out a spouse’s share.

Contact a DuPage County, IL Divorce Attorney

If you are facing a high-asset divorce and are concerned about how your real estate will be divided, contact a knowledgeable Wheaton, IL divorce attorney at Goostree Law Group. Our team has experience with property division in high-asset divorces and can help ensure your real estate assets are accurately valued and fairly divided. Call 630-364-4046 today to schedule a free consultation.