Of all the assets that a couple owns, the family home tends to be the most emotional to negotiate in divorce. It can also make up nearly half of the couple’s assets, depending on where they are in the mortgage and depreciation scale. As such, it is crucial that couples fully understand the risks and potential pitfalls associated with family home negotiations – especially if one party plans on keeping it. The following information may help.
Approach Negotiations with a Clear Head
The first thing to keep in mind is that divorce, though often an emotionally wrenching situation, is more like a business transaction, and it should be treated as such. This means, no matter how irritated or angry you might be with your spouse, you will need to come to the negotiations with a clear head. Avoid being petty, disengage from arguments, and consider letting your lawyer handle the bulk of the communications to minimize contact.
Sell or Keep? Your Situation May Dictate the Answer
While you or your spouse may want to maintain the family home, either because of memories or because you are still raising children, it may not be a possibility. Quite simply, some couples just do not have substantial assets outside of their home, and may not have a way to “buy out” the other party. Alternatively, selling the home may not be an option. Though the housing market has started to turn around, it continues to lag throughout much of Illinois; being upside down in your home may mean staying in it for the long haul.
The lesson here is that, in some cases, the situation can dictate what happens to the family home. What happens, though, when the home has value and everyone has enough assets to go around? That is best decided with the assistance and guidance of an experienced divorce lawyer. Not only can they help you understand how taking or giving up the real estate may impact your financial future, but they can also advise you on other possible options.
Contact Our DuPage County Divorce Lawyers
At Mevorah Law Offices, LLC, we recognize that every situation is unique, which is why we take a personalized approach with all our clients. Dedicated, experienced, and knowledgeable, we will guide you through this sensitive time in your life. When necessary, we can aggressively protect your interests and financial future. Learn more about how our DuPage County divorce lawyers can assist with your case. Call 630-932-9100 and schedule your free initial consultation today.
Whether 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 Law Offices LLC 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 Law Offices LLC to find the attorney they need.
Our practice is focused on meeting your needs with flexible hours and locations to serve you: