Divorce

What Happens to the Marital Home in a Divorce?

Although your family home is likely your primary financial investment, it is more than just that. The house that you and your spouse own equity in together is where you live and where your children make their home, which makes it a big deal outside of its financial value and which complicates the matter of dividing it in a divorce. If you have questions or concerns related to your home and divorce, you shouldn’t delay consulting with an experienced Illinois divorce attorney. 

The One-and-Done Solution

The most straightforward approach to dealing with your home during a divorce is selling it and dividing the return you see on it. This tactic, however, fails to take the housing market into careful consideration. Is it a good time to sell? While the post-pandemic retail market is booming, this works both ways. You’ll also need to purchase or rent a home for you and your children to live in, and – as mentioned – purchase prices are highly competitive. Finding balance in your decision related to your home is key. 

Your Children

When the court makes decisions related to children of divorce, it always places their best interests squarely in the forefront. One of the factors Illinois courts routinely consider in relation to children’s best interests is maintaining the status quo, which can include remaining in their family home. If one of you is interested in continuing to live in the family home with your children (perhaps in the capacity of the primary custodial parent), this may help sway the court’s decision regarding a parenting time schedule. In this instance, the parent who intends on keeping the family home will need to address the matter of the other’s financial interest in the asset. 

Remaining in the Family Home

If one of you does have your sights set on keeping the family home, there are options available that can help make this choice a possibility, including:

• You and your divorcing spouse can continue to own the house together until you reach the empty nest stage.
• The spouse who is remaining in the family home can buy out the other’s share with a larger slice of your other assets.
• The spouse who is remaining in the family home can obtain a loan and buy out the other’s interest in it outright. 

You can also combine any of these approaches into a path forward that works for you, your divorcing spouse, and your children – in your unique situation. 

Reach Out to an Experienced Illinois Divorce Attorney for the Legal Guidance You Need Today

Your family home is a significant financial asset, but it is so much more than just that. Keeping your marital home post-divorce can provide your children with the stability they need to move forward with confidence, and the practiced Illinois divorce attorneys at SLG Family Law are here to help – whatever that entails. We have the legal skill, experience, and insight you are looking for, so please don’t put off contacting us for more information today.