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Schaumburg Real Estate Property Division Attorneys

Hoffman Estates divorce attorney for family home division

Divorce Lawyers for Marital Home Ownership in Northwest Cook County

Going through a divorce is an enormous change, and the concerns you must now face – such as separating your finances and other aspects of your life that you and your spouse have shared – can be daunting. You may be looking to keep stability in your or your children's lives by staying in the family home, or you and your spouse may be looking to figure out how best to deal with property ownership. It is crucial to have an experienced lawyer on your side when addressing these matters.

Here at A. Traub & Associates, we understand that divorce is a trying time for everyone involved. Our experienced and caring lawyers can assist you during this process, from filing to post-divorce planning, and will do everything possible to help you reach the best possible outcome given your unique circumstances. With our guidance and support, you will be able to face the future with confidence.

Division of Real Estate Assets

Since their home is usually one of the most expensive assets a married couple may own, and they are both likely to be emotionally attached to it, deciding who gets the house after a divorce is sometimes very difficult. If your house was bought while you were married, then the equity in it will be seen as a jointly-owned asset that needs to be divided fairly between you and your spouse.

You have a few possible options when deciding who will own your family's home or other real estate that you jointly own:

  • If one spouse wants to keep the family home after getting divorced, they will likely need to purchase the other spouse's ownership stake. This can be done by direct payments of cash or by transferring other assets from the marriage. If both you and your spouse are on the title, and you are both responsible for mortgage payments, refinancing of the mortgage will most likely be necessary so that only one person is responsible for paying back the loan. The spouse who wants to stay in the house should also make sure they understand how much property tax they will be responsible for each year.
  • If one spouse wishes to keep the house but is unable to fully purchase the home's equity, an agreement might be created where one spouse will make continuing payments to their former partner until this amount is paid off. This is often done with a divorce lien.
  • You and your spouse may decide that you will own the house together for a set period, and you will sell the home and split the proceeds at a later date. This option may be used so that children can stay in their neighborhood and go to the same schools until they are ready to graduate and leave home.
  • In the event that you and your spouse opt to sell the home, you will then split any proceeds generated from the sale. With this in mind, you should be aware of potential capital gains taxes that may need to be paid.

Typically, if one spouse owned their own home before getting married, it will be a non-marital asset. That means that following divorce, that spouse will continue to own the home on their own. However, there are some situations in which a home's status as marital or non-marital property may not be completely clear. For example, if a couple made improvements to a non-marital home using joint finances or with labor provided by both spouses - even if only one spouse was on the title - then these contributions may need to be addressed during divorce. In some cases, a homeowner may need to provide their spouse with reimbursement for monetary investments, labor, or other contributions.

Contact a Schaumburg Asset Division Attorney

The choices you make during the divorce process can heavily affect your finances for many years. Keeping your home might seem like a crucial issue, but you will need to make sure you will have the money and resources to address the various expenses that may be involved in home ownership. At A. Traub & Associates, we can advise you of the available options, and we will assist you in reaching a successful resolution to your case. Please contact our office at 630-426-0196 for a confidential consultation.

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