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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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Do You Want to Keep the Family Home in Your Divorce?

Posted on in Divorce

IL divorce lawyerFew things are as difficult in divorce as deciding your living arrangements once the divorce is finalized, and maybe even before then. Some spouses are eager to get out of the home they shared with each other, while others have built many years of sentimental memories and want to keep the family home if possible. While there is no right answer to the question of whether you should keep your family home in your divorce, there are some things you should consider carefully before coming to a decision. With the help of an experienced Illinois divorce attorney, you can examine different scenarios and determine what is right for you.

Asset Division in Illinois

Illinois law requires couples to divide their assets fairly, but not necessarily equally. To that end, judges allow couples leeway to create their own asset division agreement and, as long as it is fair, it will likely be approved. While some spouses elect to simply sell their home and divide the proceeds, others prefer to look for strategies that could allow one spouse to keep the home.

As you consider what you ultimately want to do, here are some things to consider:

  • Income - Do you make enough on your income to pay for your home’s mortgage by yourself? Remember to consider that you may be making or receiving child support or spousal support payments, which could affect your income significantly.
  • Expenses - Even if you make enough to cover your home’s mortgage payments, will you have enough left over to put aside savings for unexpected expenses?
  • Interest rate - Interest rates on mortgages are now significantly higher than they were a year ago. Are you willing to pay a higher interest rate when you refinance your spouse to be under your name alone?
  • Family - Do you want to keep the house for your children? If so, consider whether your vision of family holidays and regular schedules would be just as workable in a smaller, more affordable home.
  • Heirlooms - Some homes are passed down to children from parents, or have been bought with help from deceased relatives. If you do not work hard to maintain ownership of your home, will you regret it?

Call a DuPage County Asset Division Lawyer Today

Deciding how you want to split your assets in a divorce is more than just negotiating a fair settlement with your spouse - it is also planning carefully for the future. For help understanding the asset division process and ensuring your future finances are protected, call a Western Springs, IL divorce attorney with Botti Marinaccio, LTD.. We offer confidential consultations so you can meet our knowledgeable attorneys and learn more about how we can help. Call us today at 630-575-8585.

 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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