Who Gets to Keep the Family Home in an Illinois Divorce?

 Posted on October 23, 2023 in Divorce

A couple going through a divorce needs to reach agreements about many things: Where will each spouse live? What happens to joint retirement funds? Will either need to make spousal support payments? One of the things that a couple can acquire that can be one of the most contentious things to figure out is a family home. If you are considering divorce and you and your spouse own a home together, a Schaumburg, IL divorce attorney can help you determine how to make this difficult decision.

The Complications of Deciding the Future of a Family Home

What happens to the family home in a divorce can be a source of bitter dispute. One easy situation to resolve is if neither spouse wants to keep living there and the mortgage has already been paid off. In such a case, the couple can sell the house and split the money. Another relatively simple solution would be if one spouse wants to stay in the home and the other does not. In such a case, they would likely need to figure out some sort of monetary compensation for the spouse who walks away from it, but generally, both would probably be pleased with the arrangement. However, when both spouses want to stay in the home, property division can turn into a complicated issue to resolve.

What Should I Think about When Deciding Who Should Keep Our Home?

When going through an Illinois divorce, there are countless issues to resolve. Before you begin your negotiations regarding what will happen to your home, with the help of your respective lawyers, it is important that you take the time to figure out what you truly want. Your circumstances, personality, background, history, and family will influence this decision. It will also be influenced by the way you feel about your home. Some factors are typically taken into consideration when trying to decide what you want to do with your family home, including:

• Emotional considerations: For some, the home could be a nostalgic reminder of better times. For others, it can provide painful memories. Your personal situation will influence how you feel about the home.
• Your custody arrangement: If one parent has sole or majority custody, it might make sense for that parent to stay in the home for the sake of the children’s stability.
• Financial considerations: Maintaining the home requires that you also cover the balance remaining on a mortgage, taxes, home insurance, and all home maintenance costs. This may be practical for you, or you may find that all the fees would be impossible for you to cover.

Speak to a Schaumburg, IL Property Division Attorney

If you know divorce is in your future, and you share a home with your spouse, an experienced Schaumburg, IL divorce lawyer can help sort through the intricacies of deciding what to do with that home. Call A. Traub & Associates at 630-426-0196 to begin working out a divorce settlement that will protect your interests.