When a couple has substantial assets, the division of property requires some of the most important decisions in an Illinois divorce. The decisions you make about assets such as your marital home can make a significant difference to your long-term security. Decisions about real estate in a divorce are particularly complicated due to issues including the mortgage, the property taxes, the real estate market, the property’s condition, and the exact value of your equity. It is important to consider all of these factors before making a decision about whether you should buy out your spouse’s share or sell the property and divide the proceeds.
Issues to Consider Before Buying or Selling Your Marital Home
Here are some variables to consider before making a decision about your marital home.
Can you sell the house for enough money to pay off the mortgage, the realtor, and other selling costs? Consult several realtors to determine a listing price for the house and to get advice regarding any repairs you should make prior to putting the home on the market. If you can sell quickly without taking a loss, this may be the smart thing to do, even if there will not be much in the way of proceeds to split. If you decide to go this route, here are a few tips to keep in mind:...