Pros and Cons of Keeping the Marital Home After Your Illinois Divorce

 Posted on December 22, 2020 in Divorce

One of the largest and most valuable assets that is often present in a divorce is the family home. For many couples, the house is a highly valued and sought-after possession, both for financial and personal reasons. The decision surrounding the marital home is often one of the most difficult financial decisions you will have to make during your divorce, especially because there are likely to be many emotional ties and sentiments attached to the home. There are always advantages and disadvantages to every situation, especially as it pertains to something as large as selling your family home.

Advantages of Keeping the Home

For many people, the obvious advantage to keeping the home, rather than selling it, is just that -- keeping the home. If you have found your dream home, the home in which you have raised your children and watched them grow up, you may not want to sell all of those memories. For many parents, children are a major factor in the decision to sell or keep the marital home. Keeping the family home ensures the kids continue attending the same schools, see the same friends, and live in the same house, at least part of the time.

Disadvantages to Consider

There are downsides to owning the home on your own after your divorce. Nearly all of these downsides are financial, as it is often out of their budgets for individuals to keep the family homes after divorce. Various financial factors must be taken into consideration before you make the decision about your home. Ask yourself these important questions:

• Can I realistically afford to pay the monthly mortgage, property tax, utilities, maintenance, and other costs for a home of this size and age?

• What other assets will I have to sacrifice to get the family home?

• Are there any tax consequences that will arise if I decide to sell the house in the future?

Our Kane County Property Division Attorney Can Help

The marital home can be a difficult issue to negotiate with your spouse. There are many emotions and memories tied to the family house that can cloud your judgment. At the Law Office of Matthew M. Williams, P.C., we understand how crucial of a decision it is to either keep or sell this type of property. We can help you determine which option would be in your best interest, both financially and emotionally. To schedule a consultation with our skilled St. Charles property division lawyer, call our office today at 630-409-8184.

Sources:

https://money.usnews.com/money/personal-finance/family-finance/articles/2017-10-11/divorcing-should-you-divorce-your-home-too

https://www.wife.org/should-i-keep-the-house-after-divorce.htm

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm