Four Options When Dealing With a Family Home During Divorce

14 Jul
2020

The division of marital property and assets is one of the most fiercely contested issues in divorce proceedings. Decisions made during this time can impact your well-being and financial security for years to come. This is particularly true when dealing with the family home. Our experienced Chicago divorce attorneys detail four options you may want to consider. 

Who Gets the Family Home During a Divorce?

The place you lived in during your marriage is likely more than just a piece of property. Having deep attachments to a marital home is understandable. However, it is important to be aware of how this property is viewed by the Illinois courts and how it may be dealt with during divorce proceedings. 

Under the Illinois Statutes, all property and assets earned or acquired over the course of your marriage must be divided in an equitable way between you and your spouse. This includes the family home. There are four general options to consider: 

• Selling the house and splitting the proceeds. This is one of the most straightforward ways of dealing with a marital home during divorce proceedings. If your home appreciates in value, it may even benefit you financially. If your house holds mostly bad memories from your marriage, this is a good option to consider.
• Negotiating ownership as part of the property division. Depending on the total amount of other property and assets you and your spouse possess, you may want to negotiate ownership as part of your divorce settlement agreement. Before pursuing this course of action, you want to be the home is properly valued and that your income is enough to cover all mortgage, utility, and upkeep costs.
• Living there as a ‘tenant.’ If you wish to remain in the home but do not want to assume ownership, you may be able to negotiate living there as a tenant. The house would remain in both your and your spouse’s name, with you paying monthly ‘rent’ — typically, the mortgage payment. Home Light advises that this can be a good temporary option if you are underwater in your mortgage or unsure of whether you want to sell. 
• Including it in spousal support and child time-sharing arrangements. If you are entitled to spousal support (alimony) or have children, you may be able to negotiate remaining in the home while having your spouse paying the costs.

Contact Our Chicago Divorce Attorneys Today

When making decisions regarding marital property during a divorce, which could impact you for years to come, get the Women’s Divorce and Family Law Group on your side. To schedule a consultation, contact our Chicago divorce attorneys today. 

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There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.