How is Home Ownership Decided in an Illinois Divorce?
When a couple goes through a divorce, they need to agree on many different ways in which their formerly merged life will now transition into the life of two separate individuals. They need to figure out and agree about where each spouse will live, what will happen to any joint retirement accounts they may have, whether they will make or receive alimony payments, and more. Of all of the aspects of a divorce, one of the most difficult to agree on is generally what happens to the family home. Property division can be the cause of a great deal of confusion and anxiety. If you think divorce is in your future and you are unsure about what should be done with the home you own, a Kane County, IL property division attorney can answer your questions and advocate for your best interests.
Why Is It Complicated to Decide What Happens to the Home?
A family home can be the source of bitter disputes during divorce proceedings for several reasons. In some cases, both spouses might want the home. It might serve as a source of nostalgic memories of a better time when the people living there were happier, where milestones were reached, and where happiness once thrived. For other couples, the family home might remind them of darker times when intimacy stopped, when loyalties were betrayed, and when harsh realities may have become impossible to ignore. There are a few scenarios that could play out when a divorcing couple is considering the future of their family home:
- Neither spouse wants to live there, and the mortgage has been paid in full. This is one of the best-case scenarios. The house can be sold, and the couple can split the profits.
- Only one spouse wants to stay in the house. In this case, the couple would need to figure out some monetary way to compensate the spouse who leaves the home.
- Both spouses want to keep the house. This is a case in which property division likely becomes extremely difficult to resolve.
Things to Keep In Mind When Deciding the Future of Your Family Home
- Your custody arrangement: For the sake of the children’s stability, it might make sense for a parent with sole or majority custody to maintain the home.
- Financial aspects: If you retain sole ownership of the home, you must ensure that home insurance, taxes, home maintenance costs, and the balance of the mortgage can be paid.
- Emotional aspects: The home may be a reminder of painful and dark times, or it might offer a more nostalgic memory of better days. You need to decide which of these is true for you.
Contact a Geneva, IL Divorce Lawyer
If you and your spouse own a home together and you are considering divorce, a Kane County, IL property division attorney can walk you through the process. Please call [[title] at 630-232-9700 today to start you on your path of advocating for your rights and interests.