- Locations
- Chicago Office 77 W. Wacker Drive, 45th Floor, Chicago, IL 60601
- Lake Forest Office 100 Saunders Rd., Suite 150 Lake Forest, IL 60045
- Lisle Office 3333 Warrenville Rd.,Suite 200 Lisle, IL 60532
- Downtown Chicago/Loop Office
- 77 W. Wacker Drive, 45th Floor, Chicago, IL 60601
- Lake Forest Office
- 100 Saunders Rd., Suite 150 Lake Forest, IL 60045
- Lisle Office
- 3333 Warrenville Rd.,Suite 200 Lisle, IL 60532
312-445-8830
Should I Try to Keep the House in My Divorce?
The division of marital property and assets is a major issue in divorce. One of the top priorities is determining what to do with the family home. More than just property, your house is where you may have raised children, made memories over holidays with other family members, and invested large amounts of both money and time. A common question we hear from clients is, “Should I try to keep the house in my divorce?” Our Illinois property division attorneys provide guidance on your rights in regards to marital property and important questions to consider in making this decision.
Your Rights Regarding Homes and Other Property in Illinois Divorce Proceedings
Under the Illinois Statutes, any property earned, acquired, or otherwise accumulated over the course of your marriage is subject to equitable division in divorce proceedings. This applies to household belongings, motor vehicles, personal items, money in financial accounts, and the family home.
Rather than dividing everything evenly between you and your spouse, marital property division in an Illinois divorce seeks a fair division, based on the circumstances surrounding your case. These include:
- The amount of time you and your spouse were married;
- The total amount of income and assets you own together;
- Premarital property and individual earnings;
- Each person’s contributions to the marriage and in acquiring or maintaining property;
- Potential tax ramifications of any property and settlements.
All of these are major considerations when determining how to divide ownership interest in a family home during divorce.
Is Keeping Your House the Right Thing for You?
It is important to speak with an experienced Illinois divorce attorney regarding your rights to the family home and whether it is in your best interests to seek ownership of it in a divorce. Questions to ask yourself include:
- Is your home paid for? If so, you may need to relinquish rights to other property to offset the value.
- Can I afford the mortgage? In some cases, your former spouse may be required to contribute to these payments as part of a spousal maintenance and/or child support..
- Can I afford the upkeep and utilities? This is a major consideration when making the financial adjustment to divorce.
- What are the tax ramifications? Find out what the property taxes are and how it could impact your federal tax return.
- What is my emotional attachment? In addition to practical issues, consider whether keeping the home would provide emotional stability or be a painful reminder of the past.
Discuss Your Options With Our Illinois Divorce Attorneys
Determining what to do with the family home and other marital property is a major issue in divorce. To discuss your rights and the options available, request a consultation with The Women’s Divorce & Family Law Group. Reach out and call or contact our Illinois divorce attorneys online today.
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.
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Contact Information
Downtown Chicago/Loop Office
Lake Forest Office
Lisle Office
Lake Forest Office
100 Saunders Rd.
Suite 150
Lake Forest,
IL
60045
Lisle Office
3333 Warrenville Rd.
Suite 200
Lisle,
IL
60532
Downtown Chicago/Loop Office
77 W. Wacker Drive
45th Floor
Chicago,
IL
60601
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