One of the most valuable assets couples share is often the family home or other real-estate such as a timeshare, which are considered real property. When couples divorce, in many cases they will either sell the property and divide the proceeds or one spouse will buy out the other.
However, sometimes it is not feasible for a spouse to refinance the home alone, so the couple may agree that one spouse will occupy the marital home, such as in cases where children are involved and the parents wish to provide stability until they are older.
In this scenario, there may be questions that need to be answered regarding who will be financially responsible for not only the mortgage payments, but also who will maintain the residence i.e., paying taxes, insurance and making necessary repairs while the home is jointly owned.
Whether you decide to buy out the other spouse or you and your spouse agree that one will occupy the home and sell it later, it is very important to consider the volatility of the real estate market, tax consequences and the cost of maintaining a home.
Questions About The Marital Home in Your Divorce
Contact an Illinois Family Law Attorney for Answers
If you have questions regarding the division of marital property in your Illinois divorce, especially when trying to decide how to handle the marital home, contact the Libertyville (IL) family law offices of Schlesinger & Strauss LLC for more information at 847-680-4970.