Steps to Keep the Family Home After Your Illinois Divorce

 Posted on November 18, 2019 in Uncategorized

Getting a divorce involves dividing up almost everything you and your spouse own together, and the family home is no exception. For many couples, dealing with the family home is a point of contention, because it is often one of the most valuable marital assets to be divided. When you and your ex-spouse must figure out what to do with your home, there are typically three solutions that you could pursue: sell the home and split the profits, continue co-owning the home together, or have one spouse keep the home. There are many situations in which one spouse will want to continue living in the family home, especially if there are children involved. If you have come to the conclusion that you want to keep your home, you must then figure out how that can be accomplished. The following are a few steps you should take if you want to keep your house after your divorce in Illinois:

Figure Out What the Home Is Worth

Before you decide on anything, you have to figure out the value of your home and how much you will need to perform a buyout. First, you and your spouse should come up with a figure that you both can agree on as far as how much the house is worth. If you and your spouse cannot agree on a figure, you should hire a property appraiser to determine the home’s value.

Next, you will have to determine each spouse’s share of equity in the home. To do this, you would take the home’s value and subtract how much is still owed on the home. The resulting figure is the amount of equity you have in the home. Then, you will have to decide how much of that equity each spouse owns. In Illinois, property is divided in an equitable manner, meaning you do not necessarily each has a 50/50 share in the equity of the home, but your share should be fair.

Decide How You Will “Buy Out” Your Spouse

Once you have figured out the amount that is needed to perform a buyout for your home, you will have to decide how you will come up with the money. Common options include selling other assets, cashing in your investments, or borrowing money from the bank. You can also negotiate with other marital assets, such as agreeing to give up more of your retirement account or relinquishing ownership of a vehicle.

Contact a St. Charles, IL Divorce Attorney

For many spouses who want to keep the family home, the choice is sentimental. In many cases, the home is a symbol of the family that was created there and the life that was built with your partner. For some people, the path to keeping the family home is attainable with proper planning and organizing. For others, it is simply not financially possible to stay in the home on one salary. At the Law Office of Matthew M. Williams, P.C., we understand how big of a decision it is to figure out what to do with the family home. Our compassionate Kane County asset division lawyers will help you explore all of your options and advise you on the best decision for your situation. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.forbes.com/sites/forbesfinancecouncil/2019/07/30/follow-these-steps-to-keep-the-house-after-divorce/#72983db7a5bf

https://www.wife.org/keep-house-divorce.htm