Property division concerns can complicate even an amicable divorce. Spouses may find themselves disagreeing about the best way to share their marital property. The home where they live could very easily become a priority for both spouses during divorce negotiations.
It is quite common for people to worry about the loss of home equity during an Illinois divorce. Thankfully, the equitable distribution statute in Illinois helps protect the interest that both spouses have in the property. Even if one retains possession, the other should receive marital property of an equivalent value so that the final outcome of the divorce is fair.
How can spouses decide who keeps the marital home when they divorce?
By looking at finances
Sometimes, only one spouse is realistically in a position to keep the home. They may have a higher credit score that allows them to refinance or better income, making mortgage payments attainable. Especially if the agreement involves withdrawing equity to compensate the spouse moving out, people have to be realistic about whether or not they can afford the home.
By considering parenting arrangements
The parenting plan for any shared children could have a direct impact on the allocation of the marital home. The parent who has the majority of parenting time might stay in the home so that the children can remain enrolled in the same schools and live in the home that they have known their whole lives.
By considering abilities and availability
Taking care of a home requires a lot of work and hours of time each week. From cleaning and lawn maintenance to snow removal, there are many time-consuming and physically-demanding chores that come with home ownership. Some may not be able to fulfill all of the obligations of homeownership without the support of a second person.
By considering emotional attachment
Sometimes, one spouse has a personal or family history with the property that they acquired with a spouse. It is often necessary to consider those pre-existing attachments and old memories when deciding who should stay in the family home following a divorce.
Spouses who think carefully about their living circumstances may be able to reach an agreement regarding what happens to the home where they live together when they decide to divorce. If they cannot, then an Illinois family law judge may ultimately decide what happens with their home and other assets. Being pragmatic when addressing property division matters can help people achieve the best outcome possible in an Illinois divorce.
