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How Is a Second House Handled in an Illinois Divorce?

Posted on in Divorce

Illinois divorce lawyerDuring a divorce, the division of marital assets represents one of the most overwhelming aspects. Often, the fate of the marital home will be of utmost importance to both spouses. For couples with two or more properties, the divorce process can become more complex. To ensure that your interests are protected in a divorce, it is important that you work with a trusted and experienced attorney.

Property Division in an Illinois Divorce

In Illinois, joint marital property is divided between the spouses in an equitable manner. This means that the property and assets that the couple acquired while they were married will be split in a fair manner, but not necessarily equally. When determining an equitable distribution, the court will look at many factors, including the income and debt contributions of each spouse, the length of the marriage, the earning potential of both spouses, their age and health, the overall value of the assets being divided, the lifestyle of the spouses, and childcare costs. They will also take into account any prenuptial or postnuptial agreements that designated non-marital assets or made decisions about spousal support.

For a second home or other properties, if it was purchased by the couple during their marriage and before separation occurred, it would be part of the joint marital assets and subject to equitable distribution. If it was acquired before the marriage by one spouse or if one spouse received it as a gift or inheritance, the house would be considered non-marital property and not subject to division. However, if the other spouse contributed in any way to increase the value of the property, they may be reimbursed for their contribution.

Rental properties that the couple owed would be treated similarly to a vacation home and subject to equitable distribution if they were purchased during the marriage. It is important to determine the investment value and rental income that the property or properties bring in before they are divided.

For any of the additional properties in question, the couple may choose to sell the property and have the proceeds divided in an equitable manner during the divorce process. Alternatively, one spouse may request to keep the property in exchange for other assets.

Contact a Hinsdale Attorney for Complex Divorce Cases

At Botti Marinaccio, LTD. we have experience managing complex divorce cases involving multiple properties and other cases with challenging assets division. We know that the decisions made during the divorce process will have a major impact on your financial future and our DuPage County divorce lawyers are ready to protect your interests. Call our office at 630-575-8585 to schedule your initial consultation.

 

Sources:

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K503

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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