When two partners file for divorce, they can expect to face a lot of complicated questions and strenuous processes. One of the most complex aspects of getting a divorce is having to divide the assets that two spouses once shared. 

From bank balances and investments to vehicles and houses, there is a lot to consider when it comes time to analyze the assets and determine who will receive ownership of which assets. One very important asset that couples are often perplexed by is inheritance. 

What is Considered Marital Property in Illinois? 

There are two types of property to be aware of in an Illinois divorce: marital property and non-marital property. Marital property refers to any and all assets that were acquired at some point after the marriage was official. In other words, marital property is any property that you and your spouse acquired together while married. 

More and more couples in the United States are filing for “grey divorce,” or divorce in their 50s and beyond. The financial needs and priorities of couples divorcing in their later years are very different from younger couples. Children are usually grown and out of the house, and both spouses may be retired. 

One of the hardest parts of getting divorced later in life is managing the division of marital assets. Spouses may disagree about whether there should be spousal maintenance, how savings accounts should be divided, and whether to sell their home or allow one party to continue living in it. It is important to identify your current and future desires and needs when making important financial decisions during divorce so that you can be prepared to move forward with your life after divorce with stability. Here are some important things to consider. 

Is There a Mortgage on the Home? 

If at least one spouse wants to keep the home in the family and there is a mortgage on the home, he or she will have to refinance the mortgage so their spouse is no longer responsible for the loan obligation. This is usually done by buying out the other spouse’s equity and taking on all future costs associated with the home. If that proves to be too much money or work, the cost of selling the house later on will be managed by just one spouse. However, if the house is sold during the divorce process, the costs, fees, and realtor commissions will come out of the house’s proceeds and spouses will share the remainder. Tax considerations may also affect this decision. 

Divorcing spouses in Illinois must equitably divide all marital property. Although in theory, this sounds straightforward, in practice, it can become quite complicated. Marital assets are often complex and expensive, and most couples rarely completely own their most valuable asset: The marital home. 

Deciding how to handle the marital home can be a point of major dispute. Should spouses sell the home and split the proceeds? Should children be forced to move through no fault of their own? Is it even possible for one spouse to keep the home on their own? All of these are important questions that should be asked and answered. If you are getting divorced and think you may want to negotiate ownership of your marital home, here are four things to consider. 

Can You Buy Out Your Spouse’s Value? 

If a couple owns their home together, one spouse may be willing to “buy out” the other spouse’s value by giving up their fair share of other marital assets like savings and retirement accounts, vehicles, and more. Spouses may also pay a cash lump sum or give up future spousal support to buy their spouse’s equity in the house. However, this strategy has its risks; giving up savings or other assets to buy a house may leave the homeowner with very little to fall back on in an emergency. 

The marital home is often the most valuable asset a couple shares. Often, a couple lives there with their children for many years. It is in the marital home that a family experiences some of their most important moments together. 

But in a divorce, a couple’s assets must be divided and this includes the home. If you are considering a divorce, you may be wondering what happens to the home and whether one spouse will get to keep it. In this article, we will answer some of the common questions about what happens to the marital home in a divorce. Keep in mind that an experienced divorce attorney is the best source for answers to your questions. 

If I Move Out, Do I Lose Access to My House Forever? 

Ownership of the house is not permanently decided until a divorce is final. Even though one spouse will likely want to move out in order to avoid conflict during divorce proceedings, moving out will not affect a spouse’s right to their portion of the home’s value. 

When you file for divorce in Illinois, you are required to disclose all of your assets. However, some people may feel that they deserve a bigger share than their spouse, so they attempt to conceal their assets. This is one of the biggest mistakes you can make during the divorce process. If you get caught, you may face legal trouble.

Different Ways Spouses Hide Assets

The division of assets is one of the most difficult battles couples face in divorce court. When people believe that they deserve more than they will actually get, they may try to conceal the assets in several different ways, such as:

• Pursuing shady business deals - Some individuals who are getting ready to divorce may enlist the help of business partners to conceal their assets. For example, a person may ask a business partner to withhold commissions until the divorce is finalized.

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