Do You Really Want the Family Home in Your Illinois Divorce?
One of the most common issues in divorce cases is the family home. For many couples, their home is often the largest asset of their marital estate and becomes a central focus in asset and property division. Along with the financial aspect of the family home, there are also emotional attachments that may exist that can make it harder to give up. Although a spouse may want to keep the family home as part of their share of the marital estate, there are several factors that should be considered when weighing the options.
One of the main factors to consider when it comes to keeping the family home is the expense. Illinois uses the equitable distribution method for dividing assets in a divorce. This means that if one spouse is awarded the family home, they will either have to buy the other spouse out of the home or give up their share of other assets that have an equitable value as the home. Either way, the spouse who decides to keep the home is usually left with less cash on hand than the other spouse.
Without cash reserves, as well as going from a two-income household to a one-income household, the spouse keeping the home may find it difficult to keep up with all of the home’s expenses. Homeownership typically involves a mortgage, property taxes, insurance, repairs, utilities, and other assorted costs. Before making the decision of keeping the family home, it is important to consider all of these factors and how these expenses will affect your future.
Many people do decide that there are other important benefits of keeping the family home that outweigh the financial factor. One of the biggest benefits is the stability that staying in the family home provides the couple’s children. Many children are emotionally overwhelmed when their parents go through a divorce and unsure of what their future will look like. Knowing they will still live in the same home, go to the same school, and be near their friends can help a child adjust to the divorce and other changes that divorce brings.
Contact a Kane County Divorce Attorney
If you have decided to end your marriage, you want to make sure that whatever assets you end up with in the final divorce settlement will provide you with a solid financial foundation for your new life. A St. Charles, IL property division lawyer can evaluate your situation and provide legal guidance on what type of asset distribution will be in your best interest. Call Shaw Sanders, P.C. at 630-584-5550 to schedule a free and confidential consultation.