In Divorce what do you do With the House?

 Posted on April 08, 2014 in Uncategorized

A divorce includes the legal end of a marriage. A judge reviews and approves the divorce settlement or, if spouses cannot concur to a settlement, decides how property is divided and how parenting time is shared. Until you get the court order signed by the judge, you aren’t officially divorced and cannot remarry. The rules which are different in every state include how long you have to reside in the state prior to you being able to file for divorce, how long you have to wait prior to your divorce being completed after you file, and how the state will treat alimony and child support.

If you have any questions about the Illinois divorce process, contact us today at our Illinois divorce attorney office at (312) 884-1222.

Here include the basic choices you have to handle the house after and during the divorce.

In most divorces, the family house is the pair’s largest asset. It also can be an extremely emotional item. It’s highly likely that you and your spouse determined in happier times that it was the place you wanted to spend the rest of your lives together, and it might be where your kids have lived the majority of their lives. It can make it challenging to let go and assign a value to it.

Due to the home being so valuable and important, it may be the linchpin of negotiations for a settlement of property. Determining what you are going to do with the property oftentimes assists in putting additional property issues into perspective, both emotionally and financially.

There are 3 typical methods of dealing with a family house in divorce:

Sell the Home

If neither spouse wants to—or is able to afford to—remain in the home, it’s possible to place it on the market and attempt to get the best price for it. Downsides include the costs of sale and forcing the children to move at a rough time in their lives, yet most individuals would prefer to have the funds from the sale than to keep a home which reminds them of a better time.

Negotiate a Buyout

The buyout is when one partner releases her or his interest in the home in exchange for money-or a promise of money in the future. It isn’t unusual for one partner to be more attached to the home than the other, or for a parent who’ll be the primary caregiver for the children to wish to remain in the home with them. There are lots of things to think about in a buyout.

Continuously Co-Own the Home

Occasionally, neither a buyout nor a sale makes sense, and partners decide they want to keep the property and make arrangements to continually co-own it for a predetermined span of time or perhaps indefinitely. Arrangements must be clear, because the partners basically are in a business relationship as property co-owners as the divorce is finalized.

If you have further questions about the Illinois divorce process, contact us today at our Illinois divorce attorney office at (312) 884-1222 or fill out our easy contact form for a free consultation.

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Have you checked out our articles on Articles Base? Check out today’s article titled, “How to Sell your Family Home after Divorce”