Butler Giraudo & Meister
Peoria 309-407-3332
Morton 309-263-1204

Family home may be kept or sold as part of divorce

A family home in Illinois is where memories are created. These typically include family gatherings during the holidays, or bringing of new babies home from the hospital. However, this same home, filled with such good memories, can become a point of contention for a couple going through divorce in Illinois.

Figuring out exactly what to do with the marital home during the divorce process can be emotionally and financially challenging. It is important to weigh both the benefits and the negatives of holding onto the house. After all, the wrong decision could lead to financial difficulties in the future.

Two people might decide to sell the marital home and then split the proceeds. In this way, both parties are no longer tied to the house and can move on with their lives. An important financial consideration when selling the family home is that capital gains taxes might have to be paid following the sale of the home, which both parties must cover. As an alternative to selling the home, one party may decide to stay in the house and simply refinance it in his or her name. Then, this person can buy out his or her future ex based on how much equity is in the home.

Another option for addressing the family home is that both divorcing individuals keep owning the home as a joint asset. Still, it is important to consider whether one wishes to remain attached to one's ex financially long after the divorce. Appropriate legal guidance may help people in Illinois to wise decisions regarding how to address the family home during the process of divorce.

Source: palmbeachpost.com, "Deciding What to Do With the Family Home After Divorce", Mary Ballin, Oct. 31, 2016

No Comments

Leave a comment
Comment Information
  • I cannot even express in words the level of gratitude that I feel. ‘Thank you’ doesn't seem to be enough. Please know that your services and compassion will never be forgotten! I am forever grateful!

  • Thank you so much for your hard work and expertise. I feel as a father in the state of Illinois that what I am trying to achieve is nearly impossible. I am so glad I chose to have your office full of extremely intelligent women represent me.

  • We would like to say thank you for your expertise, education, and kindness when we met with you! Your confidence has helped to comfort us and give us hope that resolution of the issue is possible.

  • I just wanted to say thank you from the bottom of my heart for all your time, energy, and efforts you put into our case. Thank you for helping make our son's quality of life better. I cannot tell you how happy we are!

More Testimonials
Contact Us Today

Contact Our Lawyers About All Areas Of Family Law

We are driven and committed to a successful outcome for all of our clients. To arrange a consultation with attorney Susan Butler, Kelly Giraudo or Tamara Meister, call 309-263-1204 (Morton) or 309-407-3332 (Peoria). You can also contact our law firm by filling out the form below. With offices in both Peoria and Morton, we work hard for our clients while getting to know them as people.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Morton Office
100 S. Main Street
Morton, IL 61550

Toll Free: 888-314-9667
Phone: 309-263-1204
Morton Law Office Map

Peoria Office
416 Main Street
Commerce Bank Building
Suite 927
Peoria, IL 61602

Toll Free: 888-314-9667
Phone: 309-407-3332
Peoria Law Office Map

Morton Office Peoria Office