title

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
Subscribe to this list via RSS Blog posts tagged in division of property

IL divorce lawyerIf you were to ask a divorcing homeowner what their most valuable asset is, it is very likely that they would say it is their home. Not only are houses often worth hundreds of thousands of dollars, but they also usually carry some sort of sentimental value to the people who live in them. Many people have an emotional connection to their family home, especially when they have lived there for years, raised their children in that home, and made so many warm memories there. Unfortunately, you cannot simply just cut a home in half when you get a divorce. One of the biggest arguments that can arise from divorce is determining who gets to claim ownership of the house.

Equitable Division in Illinois

According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), all marital property in Illinois is divided in an equitable manner between the spouses. Marital property is considered to be anything that you or your spouse acquired while you were married but before a legal separation. Certain property is excluded from marital property, however. This includes gifts, property acquired by inheritance or legacy, property excluded from the marital estate through a valid prenup or postnup, and any property that was acquired by either spouse before the marriage.

Dividing Your Home’s Value

In most cases, there are typically only three different situations that can come out of this: you can either continue to co-own the home in the same manner, the spouse who wants the home can “buy out” the other spouse for their half of the home, or you can sell the home and split any proceeds you have from the sale:

...
super lawyer nafla top one avvo best 10 leading lawyer dcba justinian cba kcba wsba isba iafl
Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Back to Top