DuPage County Division of Property AttorneyWhen 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:

Can one spouse afford to take on full responsibility for the home? If you have school-age children, the spouse who will have the primary residence of the children may want to keep the home so as to give the children stability and allow them to remain in the same schools. This may or may not be feasible depending on your answers to these questions:

If you are able to agree on a fair division of property that lets one spouse keep the house, make sure the other’s name is removed from the title and mortgage before the divorce is finalized or as soon as possible thereafter.

Consult Our Knowledgeable Lombard Divorce Lawyers

Be sure you understand all of the consequences before making a decision about your marital home. Whether one spouse chooses to buy out the other or you agree to sell the property and divide the proceeds, there can be significant liabilities to consider. Our DuPage County divorce attorneys can explain the financial, tax, and legal implications of each choice. Call Mevorah Law Offices LLC at 630-932-9100 for a free initial consultation.

 

Sources:

https://www.isba.org/iln/2018/02/transferthemaritalhomeduringnotafte

https://www.homelight.com/blog/divorce-selling-house/