Who Should Keep Our House in Our Illinois Divorce?

 Posted on January 05,2024 in Divorce

When a couple enters divorce proceedings, there are many decisions they need to make. Will one of them pay the other alimony? How will they split any art or jewelry they accumulated during their marriage? If one is covered by the other’s insurance, what will happen after the divorce? Something that commonly comes up and can be complicated to figure out is what will happen with the family home. If you and your spouse will be getting divorced and you are not sure what will happen with your home, an Arlington Heights, IL property division attorney can offer you information in guidance.

What Options Do I Have?

When a couple gets a divorce, there are several options for what to do with their home: 

• If either spouse owned the home before they got married, it would most likely not be considered marital property and in that case, this would not be something they need to figure out. If the non-owning spouse made renovations during the marriage or increased its value in any way, the court might make the homeowner spouse compensate them for this.

• They can sell the home and split any profits

• One spouse can keep the home and “buy out” the other spouse

• If they agree that it would be best for their children to stay in the home, the spouses might agree to hold onto it and sell it after the children graduate. Here, too, once the home is sold they would split any profits from the sale.

What Considerations Can Help Me With This Decision?

• Can I afford this? If you keep your family home, you will need to cover the costs of regular home maintenance, home insurance, taxes, and the mortgage balance on your own.

• Do I want this? Some people think of their family home as the place where they started a family and even though they are getting divorced, it is filled with fond memories. Others might have too many painful recollections of things that happened there. You should take the time to consider how you feel about the home.

• What is in my childrens’ interest? If you have kids and they will be living mostly with you, their interests need to be a big consideration in your decision of where to live.

Contact an Arlington Heights, IL Property Division Lawyer

If you need help figuring out what would be best for you regarding your home, a compassionate Arlington Heights, IL divorce attorney can offer guidance and work hard to make sure that your rights are protected. Call A. Traub & Associates at 847-749-4182 so we can help plan for your post-divorce future.