Chicago Lawyers Discuss Home Issues During Divorce
Your Home and Your Divorce in Chicago
The family home, often the safe place and central point of the family, can be a contentious issue during divorce proceedings. People often have many sentimental feelings towards their family home due to the number of valuable memories made there.
This can lead to both spouses vying for the property, complicating the divorce settlement. Nottage and Ward, LLP employs experienced Chicago divorce lawyers who can help. It’s crucial that you receive quality legal advice during your divorce process in order to obtain the best outcome.
The Importance of the Family Home
The family home is of the utmost importance to the majority of people for a number of reasons. First, a family home is the site of many core memories and people often develop a sentimental attachment to their home for this reason. The family home can also be important during divorce settlements if children are involved. Parents want to provide their children with stability and consistency and keeping them in the family home is a key part of this.
Finally, sentiments aside, the family home can often be a person’s most valuable investment, providing financial security and stability. A lot of people have the majority of their net worth tied up in the family home, making it an important asset.
A divorce can affect the family home if both spouses want to take sole possession of it. A vicious legal battle can ensue as both personal and financial interests are potentially at stake. Illinois courts do not automatically divide the house in half during a divorce settlement, which means that both parties have the opportunity to take possession.
Is a Home Marital Property?
Marital property is property acquired during the marriage.
If the home was acquired before the marriage by one spouse, and that one spouse is still the only name on the title, then it is not marital property. Additionally, if the property was acquired via sole inheritance or gift, then it is not marital property.
However, if the property was purchased during the marriage, then it is likely that it will be considered marital property. Marital property is eligible to be divided during a divorce settlement; however, the court will use an equitable approach to determine which party gets what. Factors such as individual purchase and maintenance contributions will be taken into account to determine property division.
What Are the Options?
Several options for your home are available that you can consider during a divorce. The simplest option is if neither party wishes to keep the house, then it can be sold. Both parties will need to come to an agreement on who does the work of selling the house and how to go about it.
Another option is to have one spouse buy out the other. This is a good option if only one party wishes to keep the house. If this occurs, the other party needs to be compensated accordingly, whether that be via payment or by receiving other assets.
Finally, spouses can choose to co-own the home, which can be complicated, but worthwhile if children are involved.
Can You Be Forced to Sell Your House?
If spouses are unable to come to an agreement, a judge has the power to force a sale of the house. This often occurs when both spouses wish to keep the home for themselves and can't come to an agreement. It is important that you come to an agreement with your spouse to avoid this occurring and producing a result you are unhappy with.
You Need Us on Your Side
Deciding on the fate of the family home can be a very difficult process, which is why it is important to have a skilled attorney by your side. Nottage and Ward, LLP are here for you. Our experienced Chicago divorce attorneys understand that divorce is stressful and we can walk you through the process. Contact our friendly team today at (312) 332-2915.
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