For you and many other Illinois residents, your home may represent many important aspects of your life. You may have purchased your home and felt a great deal of independence, or you may have watched your children grow up in the home and felt the love that also grew there. Now that you are going through divorce, however, you may have more mixed feelings about your family home.
Deciding what to do with the house during and after divorce can present many challenges. Some parties may simply want to cut ties with a structure that reminds them of a difficult marriage, but others may want to hold on to the property for sentimental reasons. In order to determine what option may work in your best interests, you may want to consider certain factors.
What does the house mean to you?
As mentioned, it is not uncommon to have a sentimental and emotional attachment to a home. If you feel that your house can still act as a safe and comforting place for you and your children, you may find yourself wanting to keep the home. However, you may wish to remember that taking on a mortgage with a single income could pose considerable difficulties. As a result, financial obligations may outweigh the sentimentality of the situation.
What property might you lose in exchange?
If both you and your ex-spouse want to keep the home, you may have to do some negotiating if you truly want it in your possession. Often, property negotiations involve offering to relinquish ownership of certain assets in order to maintain ownership of other property. Therefore, if you want to keep the home, you may want to consider what you may have to hand over to your ex in order for him or her to give up the asset. Keeping the home may not be worth what you could lose.
What can you do to reach desired outcomes?
Property division proceedings can quickly become complicated. As a result, you may wonder what tactics and negotiation strategies could work in your favor when it comes to fighting for the family home or other property you may desire. Each case has its own unique factors, and you may want to explore your legal options to determine what routes may most benefit you. Additionally, consulting with an attorney may also prove useful.
