What Happens to the Marital Home in an Illinois Divorce?

 Posted on April 22, 2022 in Criminal Law

A major part of the decision-making process of any divorce involves the division of marital property. While savings, retirement accounts, and other assets may have significant value, the marital home is often the largest single asset any divorcing couple owns. As such, it can become a major point of contention during the divorce process. Depending on your situation and preferences, our experienced divorce attorneys can help you retain your house after a divorce or receive a fair settlement , either through its sale or a settlement during the divorce process. 

Options for Dealing with Your Home

Since Illinois is an equitable distribution state, meaning each spouse receives a fair, not equal share of the marital estate, a home can often pose a problem during the process. Depending on the length of the marriage, how much equity the couple has in the house, and the value of their other assets, the house may have a greater value than the rest of their assets combined. Therefore, there are different solutions to consider on how to equitably handle the house and its value during the division of marital property. These options include:

• The house can be sold, with the proceeds being equitably divided between the spouses

• The spouses can agree to jointly own the house for a set period of time, with the proceeds of a future sale being equitably split

• One spouse can keep the house, while the other will receive a greater share of the remaining assets

• One spouse can keep the house, but in exchange, they make regular payments to the other spouse.

The right solution for each couple may depend on their overall financial situation, the educational situation of their children, the current housing market, and other factors. Our lawyers can work with you through the process to find the best solution for your circumstances. We can recommend trusted appraisal experts to provide you with the market value of your house. This is a valuable starting point for any property division negotiation during a divorce.

Contact a Will County Divorce Attorney

For help with your divorce, including the division of property or any other situation, contact the Joliet division of marital property lawyers of Reeder & Brown, P.C.. Our experienced law firm will provide you with the knowledge and to fight for an equitable share of the marital estate, including the marital home. Contact us for a free consultation at 815-885-5980. 

Source:

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