Arlington Heights Real Estate Property Division Attorneys

Divorce Lawyers for Marital Home Ownership in Northwest Cook County

Your divorce represents a monumental change in your life and the many legal issues that must be addressed as you separate your life and finances from your spouse can be overwhelming. Following the end of your marriage, you may want to maintain continuity for yourself or your children by continuing to live in your marital home, or you may need to determine the best way to address ownership of real estate property. When resolving these types of issues, it is crucial to ensure that you are represented by an experienced attorney.

At A. Traub & Associates, our compassionate divorce lawyers can help you understand your rights during your divorce, and we will work with you to determine the best way to proceed regarding your family home or other property. With our help, you can rest assured that you will have the resources you need for success after your divorce is complete.

Dividing Real Estate Property

The family home is often one of the most valuable pieces of property that a couple owns, and both parties are also likely to form an emotional attachment to the place they have lived. For these reasons, determining who will own the home following divorce can be a contentious process. If a house was purchased during the couple's marriage, the equity in the home will be considered a marital asset that is subject to equitable division of property.

When making decisions about ownership of the marital home or any other real estate owned by a couple, there are a few potential options:

• The spouses may decide to sell the home and divide any profits made from the sale. In these cases, they should be aware of potential capital gains taxes that may be owed.
• One spouse may retain ownership of the home and "buy out" the other spouse by making a cash payment or through the allocation of other marital assets. If both spouses' names are on the home's title and mortgage, the home will likely need to be refinanced to remove one spouse from the mortgage. The homeowner spouse should also be sure to understand the property taxes that must be paid on the home.
• If the spouse who wishes to retain ownership of the home cannot afford to completely buy out the other spouse, an arrangement may be made in which one spouse can make ongoing payments to the other. This is often accomplished through the creation of a divorce lien.
• The couple may agree to continue to co-own the house for a certain period of time, after which it will be sold, and the proceeds will be split. This option is typically used to ensure that children can continue living in the same neighborhood and attending the same school until they graduate.

If a home was owned by one spouse prior to the couple's marriage, it will likely be considered non-marital property, and that spouse will retain ownership of the home following divorce. However, if improvements were made to the home during the marriage, or if the other spouse contributed to an increase in the home's value, the homeowner spouse may be required to reimburse their former partner for the contributions made to the non-marital property.

Contact a Rolling Meadows Divorce Attorney

The decisions made during your divorce can have a significant impact on your finances for years to come. Retaining ownership of your family home may be important to you, but you should be sure that you have the financial resources to do so. At A. Traub & Associates, we can help you understand your options and work with you to reach an outcome that will allow you to succeed in your post-divorce life.

If you need help addressing issues related to your marital home during your divorce, contact our office at 847-749-4182 to arrange a confidential consultation. We help resolve complex divorce cases throughout Northwest Cook County, including Palatine, Rolling Meadows, Mt. Prospect, Arlington Heights, Wheeling, Inverness, Elk Grove Village, Schaumburg, Buffalo Grove, Hoffman Estates, Des Plaines, and Long Grove.