When divorce is inevitable, Illinois residents may wonder what to do with their assets and property. Deciding what to do with the house is a common discussion point. Family law attorneys can assist with this aspect of property division as well as others.
There could be many different factors that can determine what should be done with a house in the event of a divorce. Sometimes both spouses want to sell the house. In that case, the profits are typically split between them. Otherwise, one spouse may choose to keep the house while the other chooses other assets.
Having the house in both spouses’ names or having children can also affect this decision. Often, couples decide not to sell the house right away and instead allow one spouse to stay in the home and the equity later be split at the time of the sale. For those with children, nesting may be an option. With this option, the children live in the house and the parents take turns living there.
Whatever route an individual decides to take regarding the marital home, an experienced Illinois divorce attorney could assist in the legal aspect of divorce proceedings. For those who have not yet decided how to tackle property division, an attorney could also assess a client’s circumstances to help determine the best direction to take for his or her situation. Anyone contemplating divorce could speak to a divorce attorney to learn more about his or her various options and to gain assistance in any related legal proceedings.
Source: U.S. News & World Report, “Divorcing? Should You Divorce Your Home, Too?“, Geoff Williams, Oct. 11, 2017