Deciding What to Do with Your Family Home in a Divorce

 Posted on February 12,2024 in Division of Property

A couple going through a divorce needs to figure out all the ways their marital assets and property will be equitably divided. While you might think that getting more things in a settlement equals more value, there are other things to consider. Some assets and properties might actually end up costing you money. If you can afford to handle the added costs on your one, that might not be a problem. If you will not be able to cover all these costs, you might find that it would serve your best interests not to take some assets in your divorce. If, for example, you are trying to decide whether you want to keep your family home in your divorce, a knowledgeable St. Charles, IL divorce lawyer can help you understand what the added costs will be and whether it is something financially viable for you.

What Are Your Options?

Figuring out what to do with the family home is one of the most difficult considerations for a couple getting a divorce. There are several options for how this can turn out:

• If the home was owned by either spouse before they were married, it is not generally considered marital property and will not need to be divided by the spouses. If the other spouse who did not own the property contributed to its value through design additions or renovations, for example, they might be eligible for some compensation.
• If neither spouse wants to keep the home, they can sell it and split the profit.
• If only one spouse wants to keep the home, they can “buy out” the one who does not want it.
• They can agree as a couple to hold onto the home and sell it at a later date, for example, once their children have grown up and moved away. The profits of the sale will still be split.

What Should I Consider in My Decision?

When attempting to decide what property division arrangement would be best for you, there are several factors to consider:

• Finances: If you keep the home, you will need to cover the costs of taxes, home insurance, home maintenance, and any balance on a mortgage. If this would be difficult for you to do, it might not be in your best interest to keep the home.
• Emotions: Does the home offer you nostalgia for nicer periods in your life? Is it a painful reminder of why the marriage ended? Figuring out how you feel about the home is an important part of this decision.
• Children: If you have children, your home might provide them with a sense of stability in this time of transition. In such a case, it might make sense for whichever parent has primary custody to stay in the home.

Schedule a Free Consultation with a Kane County, IL Property Division Attorney

If you are considering divorce and want clarity on what you should do with your family home, let a knowledgeable St. Charles, IL divorce lawyer help you figure this out. Call The Law Office of Matthew M. Williams, P.C. at 630-409-8184 so we can start working on fighting for your best interests.