How Is a House Divided in a Divorce in Illinois?

 Posted on June 09,2023 in Divorce

Getting a divorce can be a difficult process, and anyone who is seeking to end their marriage will need to address a wide variety of different types of legal and financial issues. In many cases, determining how marital assets will be divided is one of the most challenging aspects of a divorce. For couples who own a home together, determining how to address ownership of this valuable asset may be one of their most significant concerns as they work to dissolve their marriage. If you are in this situation, you will need to understand whether your home may be classified as marital or non-marital property, the factors that Illinois courts consider when dividing property, and the various options you may have for determining how ownership of your home will be handled.

Issues Related to the Marital Home to Consider During Divorce

First, it is important to understand whether a house will be classified as marital or non-marital property. In Illinois, marital property includes all assets that were acquired during the marriage, while non-marital property includes assets that were owned by either spouse before the marriage, as well as some gifts and inheritances. If you purchased your home during your marriage, it will most likely be considered marital property, even if only one spouse's name is on the title. If either you or your spouse owned your home prior to getting married, it may be classified as non-marital property. While a non-marital home may continue to be owned by the original owner, they may be required to repay the other spouse for any contributions made to the home, such as marital funds used to make mortgage payments or improvements that were made to the home during the marriage.

If your home is a marital asset, you will need to be aware of the factors that Illinois courts will consider when determining how property will be divided during your divorce. Illinois law states that marital property should be divided equitably between divorcing spouses. This means that assets and debts should be divided in a manner that is fair and just, but the division does not necessarily need to be equal. When addressing property division, courts may consider various factors, such as the length of the marriage, each spouse's contributions to the marriage, and the economic circumstances of each spouse. One notable factor includes whether it may be desirable for a parent who will have primary custody of the couple's children to continue living in the family home.

There are several options available to you as you determine how to divide your marital home. One option is for one spouse to keep the home and buy out the other spouse's share of the equity. This can be done by refinancing the home or using other assets to pay off the other spouse. Another option is to sell the home and divide the proceeds between the spouses. This option may be preferred if neither spouse wants to or can afford to keep the home. Finally, you and your spouse may agree to continue owning the home together, which may be a preferable choice if you wish to ensure that your children can continue living in the same community and attending the same schools. However, this option can involve a variety of complicated issues that could affect your finances and your ability to purchase another house in the future. Because of this, it should only be considered you and your spouse can agree on the details and are willing to cooperate with each other.

Contact Our Oakbrook Terrace Property Division Lawyers

Divorce can be a challenging process, and the decisions made about how your property will be divided can have a far-reaching impact on your finances and your ability to meet your needs in the future. If you own a home with your spouse, you will need to fully consider all of your options for dividing this valuable asset. At Farooqi & Husain Law Office, our DuPage County asset division attorneys can provide you with invaluable guidance and explain the best steps you can take to protect your financial interests. We will advocate on your behalf throughout your case, helping you achieve an outcome that will meet your needs going forward. Contact our firm today at 630-909-9114 to set up an appointment and learn more about how we can assist with your legal needs.

Source:

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