Can My Spouse and I Continue to Own Property Together After Divorce?
Button 1 Button 2 Button 3 Button 4 Button 5 Button 6
Mevorah & Giglio Law Offices
630-932-9100
Menu
DuPage County Attorneys

LOMBARD

900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

BLOOMINGDALE

134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

CHICAGO

105 W. Madison Street, Suite 2200, Chicago, IL 60602

Phone: 630-932-9100

NAPERVILLE

1730 Park Street, Suite 202, Naperville, IL 60563

Phone: 630-420-1000

ST. CHARLES

555 S Randall Rd, Suite 101, St. Charles, IL 60174

Phone: 630-410-9176

Can My Spouse and I Continue to Own Property Together After Divorce?

Posted on in Family Law
  • Font size: Larger Smaller
  • Print

Naperville Divorce AttorneyIn a typical Illinois divorce, marital property is distributed equitably between spouses through a property division agreement or order. This means that any assets that the spouses previously owned together will become the sole property of one or the other. However, there are possible exceptions to this outcome. If you and your spouse can reach an agreement, you may be able to continue to jointly own certain properties and assets even after your divorce is complete.

What Kinds of Property Are Amenable to Joint Ownership?

In theory, divorcing spouses could agree to maintain joint ownership of a wide variety of assets, but this is rarely realistic in practice. Though giving up some of your assets can be difficult, it is typically much less complicated to completely disentangle your financial interests from your spouse’s.

That said, there are some types of property for which it may be desirable to remain joint owners, at least for a time. This can include:

  • Businesses - If you and your spouse purchased or founded a business together and you are both heavily involved in its management and operations, you may find yourself in a situation in which neither of you is willing to leave or give up your share.

  • Real estate - You may decide that you and your spouse should remain joint owners of your family home, perhaps to maintain a sense of stability for your children until they are ready to move out. You might also wish to share a vacation property so that you, your former spouse, and your children can continue to use it.

  • Pets - The bond between a pet and owner can be as strong as a bond between family members, and the thought of losing this relationship in a divorce may be too much to bear. You and your spouse may decide to work out a “joint custody” agreement in which your pet splits time between the two of you after the divorce.

Precautions For Owning Property With Your Ex-Spouse

Joint ownership agreements between former spouses are not for everyone. Before entering into such an agreement, you should be certain that you and your ex can continue to maintain a positive relationship, and keep in mind that it can be much more difficult to divide the property in the future if your relationship sours. It is also a good idea to establish your agreement in writing and treat it as a legally binding contract so that there is a clear understanding of each party’s rights and responsibilities and a plan for resolving future disputes.

Contact a DuPage County Divorce Attorney

At Mevorah & Giglio Law Offices, we understand that every couple’s situation is different, and we can help you negotiate a creative marital property agreement that fits your unique needs and preferences. We can also help you protect your interests and understand the implications of your decisions. For a free initial consultation, contact our Lombard, IL divorce lawyers today by calling 630-932-9100.

 

Sources:

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

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59

Latest Blog Posts

Archives

  • DuPage County Divorce Lawyers
  • Elite Lawyer
  • National Association of Distinguished Counsel
  • Top 40 Under 40
  • 2015 Top 40 Lawyers Under 40
  • Super Lawyers
  • Better Business Bureau

Let us start helping you with a FREE initial consultation.

NOTE: Fields with a * indicate a required field.
*
*
*

One Stop For All Your Legal Needs

630-932-9100Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah & Giglio Law Offices can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah & Giglio Law Offices to find the attorney they need.

Client Focused Representation

Our practice is focused on meeting your needs with flexible hours and locations to serve you:

  • Free initial consultations
  • Saturday and evening appointments available
  • Home and hospital visits if your injuries prevent you from traveling
  • Multiple locations throughout Chicagoland
  • Veteran trial attorneys
  • Experienced negotiators
  • Payment plans available
  • Cash, check, or credit card accepted