Will I Have to Sell My Property in an Illinois Divorce?

 Posted on June 20, 2024 in Asset Division

When two people get divorced, they are both entitled to marital property. Spouses can divide their possessions among themselves or a court can do it for them. Either way, asset division is a process that can be very difficult, depending on the value of the assets and how complex they are. Some assets like real estate, for example, may need to be sold in order to be divided fairly.

However, you may not want to sell the property you are entitled to. Some spouses, for example, prefer not to sell the family home in a divorce. Having an Illinois asset division lawyer by your side can help you preserve property while ensuring you receive your fair share.

This article will discuss what marital property is and when it is sold.

What Is Marital Property?

Marital property, according to Illinois law, refers to possessions that either spouse acquires during a marriage. If you bought a car while you were married, for example, your spouse has partial ownership of it, even if you have been the only person to drive it.

There are, however, some exceptions:

• Gifts that are given exclusively to one of the partners

• Inheritances

• Property bought using non-marital property as collateral

In most cases, things that were acquired during the marriage are considered marital property and belong to both parties. In a divorce, Illinois law requires courts to divide marital property equitably, not equally. This means that judges have more discretion when deciding who gets what compared to simply dividing things 50/50.

Will I Have to Sell My Assets?

Sometimes, the best way to divide high-value assets like real estate or jewelry is to sell them and divide the money between the spouses. A judge can order either party to sell his or her property for the purpose of property division. Other times, however, a judge may decide that it is best not to sell the property for whatever reason. In that case, the court may award the entire asset to one of the parties and award the other spouse something that is equal to the value of his or her share.

What About the Family Home?

Both spouses may be entitled to the family home even if one of them bought it before the marriage. This can happen if the other spouse contributes significantly to the value of the house. If a judge awards each spouse a share of the home, the parties can split it in one of three ways:

• The spouses can sell the house and split the proceeds.

• One spouse can buy out the other’s share.

• The spouses can continue to own it jointly.

Contact a DuPage County, IL Asset Division Lawyer

Marital property can be divided in different ways. Whether or not an asset needs to be sold to be divided is sometimes decided by the judge. A Wheaton, IL asset division attorney can present a strong case for keeping an asset intact. 

At Goostree Law Group, your assets and interests are our priority. Our experienced attorneys will fight to make sure you receive your fair share of the marital property and that it is divided correctly. Call 630-364-4046 to get started today.