The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

Subscribe to this list via RSS Blog posts tagged in marital home

Batavia divorce attorney asset and property division

One of the largest and most valuable assets that is often present in a divorce is the family home. For many couples, the house is a highly valued and sought-after possession, both for financial and personal reasons. The decision surrounding the marital home is often one of the most difficult financial decisions you will have to make during your divorce, especially because there are likely to be many emotional ties and sentiments attached to the home. There are always advantages and disadvantages to every situation, especially as it pertains to something as large as selling your family home. 

Advantages of Keeping the Home

For many people, the obvious advantage to keeping the home, rather than selling it, is just that -- keeping the home. If you have found your dream home, the home in which you have raised your children and watched them grow up, you may not want to sell all of those memories. For many parents, children are a major factor in the decision to sell or keep the marital home. Keeping the family home ensures the kids continue attending the same schools, see the same friends, and live in the same house, at least part of the time.

...

North Aurora divorce attorney property division

When a marriage breaks down, it is rare that the two spouses still want to live in the same home together, let alone spend time in the same room with one another. However, many couples still try to reside under one roof while their divorce is underway, especially if there are children involved. However, this can become difficult if things turn sour or if you and your spouse are not on good terms when you begin the divorce. Unless you and your spouse qualify and file for a simplified dissolution and agree on all issues, you will have to negotiate the terms of your divorce. This process can be extremely stressful for couples who do not communicate well or who cannot cooperate with one another. In extreme cases, either spouse can petition to have exclusive possession of the marital home. 

What Does Being Granted “Exclusive Possession” of the Marital Home Mean?

During your divorce, you and your spouse both have the right to request to have exclusive possession of your marital home, but only until the divorce is finalized and only under certain circumstances. Typically, these circumstances have to be extreme. You must be able to prove that either you or your children's’ physical or mental well-being is in jeopardy by having both you and your spouse live there. The court will then conduct a hearing to determine the best course of action. In some cases, entering into a temporary eviction from the marital residence for one of the spouses can be a solution to the issues in the household. The spouse who is temporarily evicted is not always the spouse who keeps the home, as property division is an entirely different process.

...

Geneva divorce attorney property division

In an ideal world, getting a divorce would only affect you and your spouse. However, getting a divorce impacts everyone in your family, especially your children if you have any. Throughout your divorce, you will face many issues relating to your kids that must be settled, such as parenting time, allocation of decision-making responsibilities, and even child support. What you may not realize is that your children may also influence other areas of your divorce as well, such as property division. If you are going through a divorce, an Illinois divorce lawyer can help you determine your best scenario for asset and property division.

Considering Your Kids’ Feelings When Dividing Assets and Property

When you go through a divorce, you and your spouse are required to divide all marital property equitably among yourselves before you are able to finalize the divorce. While you may think that your children have nothing to do with those decisions, they may influence those decisions more than you think. Here are a few ways your children can influence your property division decisions:

...

North Aurora property division attorney

If you and your spouse own a home or other real estate, and you are planning to get a divorce, you must determine a way to divide the value of the home. In Illinois, marital property is subject to division in an equitable manner if you get a divorce. This does not necessarily mean that the value of all property is split in half and given to each spouse. Instead, the marital estate will be distributed equitably between the spouses based on a variety of factors. This means that one spouse could end up getting a larger portion of the marital estate. With that in mind, it is extremely important that you know the true value of your home before you begin the asset division process. Having your home appraised is a simple way to do this.

Benefits of a Home Appraisal

Home appraisers are often used when people want to sell their homes. An appraisal is considered an official “market value” of what a home is worth, and it can then be used to price a home to sell. Even if you do not plan on selling your home, getting an appraisal is an important step in knowing what your home is truly worth. Once you have it appraised, the appraiser will provide you with official documentation of your house’s value. This document can be used as proof of your home’s value in court or in negotiations involving the division of property.

...

marital home, DuPage County divorce attorneyWhen most people get married, they do so with the intention of sharing a life together. This usually means joint ownership of all assets and property, as well as shared responsibilities for incurred debts. During a divorce, as most people understand, the property that constitutes the marital estate must be divided equitably between the spouses. In some cases, though, determining whether a particular asset is part of the marital estate can be a little more challenging than in others. High-value assets like your marital home can be especially confusing if it was titled in the name of only one spouse. Is such a home considered marital property?

The Name on the Title

Determining if your home is marital property depends on several, fairly straightforward factors. Surprisingly to some, the name on the title means almost nothing in most cases. You and your spouse could have agreed to put just one name on the mortgage or title to obtain financial advantages. Such practices are fine and understandable, but have little bearing on the home’s status as marital or non-marital property.

...

Illinios divorce attorney, Illinois family law attorney, marriage, asset division,When spouses divorce, they lose a lot more than a long-term relationship. The end of a marriage can mean the loss of property, social circles, and even custody of children. Property division is one aspect of divorce that often leads to disputes.

Most spouses quickly learn that there are two main categories of property: separate and marital. Separate property includes any property that one spouse owned before the marriage. It may also include inheritance or a gift from a third party. Marital property, however, includes just about everything that the couple acquired during the marriage.

 When it comes to mortgages, however, many divorcing spouses have a long list of questions and concerns. This article will discuss the ways that divorcing couples can handle a mortgage.

...

marital property negotiations, Illinois divorce attorney, marital estate division,In years past, when divorce seemed simpler and family finances were usually guaranteed by pension plans and a Social Security fund that was not facing the possibility of running out, keeping the marital home during divorce was a boon. Today, when couples divorce, it is often the spouse who is awarded the home who is pitied. This has as much to do with uncertain financial futures - for divorcing couples at both ends of the financial solvency spectrum - as it does with the national housing market itself. In many cases, spouses who get to keep the marital home are left with an asset that is steadily declining in value or, worse yet, an underwater mortgage.

Selling the marital home during divorce has its own set of problems. One spouse may opt to sell the home for much less than it is worth, in an arguably ostentatious display of so-called selflessness. The other spouse, perhaps especially if he or she was not the primary earner in the marriage, may want to sell the home at a much higher price than it may even be worth. Other issues may include where the kids go to school and who is awarded custody, as well as issues of family care in the event that either spouse has aging parents or other spatial and financial issues to face in the coming years.

The trick is that selling the marital home is oftentimes crucial if you are facing a reduced income after the divorce is finalized. If you were the primary earner in the marriage, you may be obligated by the Court to pay alimony, which can cause a significant reduction in your annual net income. Many ex-spouses who kept the home after divorce were able to sell it much later for a significantly increased price than they would have been able to sell it if they had done so immediately after the divorce process. Yet if the home is not readily salable and the family has access to other assets, the house could become a liability instead of a commodity to hold onto.

...
The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Facebook Twitter LinkedIn
Back to Top