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

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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.

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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.

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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.

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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.

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

630-409-8184

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

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