The marital home is typically a couple's largest asset. It is for this reason that the home often becomes the main point of contention during the divorce process for people in Illinois. A couple of tips may help spouses decide the fate of the marital home when dissolving their marriage.
First, a married couple going through divorce may choose to sell the house and then split the proceeds. Another option, however, is for one person to remain in the house and buy out his or her partner. Before choosing the buyout option, though, it is essential to ascertain that this is financially feasible.
When considering buying out a spouse or getting bought out by a spouse, it is wise to remove the emotional factor from the equation, although this can, admittedly, be challenging to do. For instance, one person may want to keep the family home simply because of the many memories he or she has had there. However, maintaining a piece of property on his or her own might not be financially expedient, and a large house may not be necessary if there are no children in the home. If a person does decide to keep the house, making sure that the terms of the buyout are sound and fair is paramount.
Even during the most amicable of divorces in Illinois, addressing matters such as property division can be complicated and stressful. If two people are able to negotiate on these matters with proper legal guidance, they can achieve a divorce settlement that is as mutually beneficial as possible. Otherwise, a judge will have to make the financial decisions on these matters for the couple.
Source: realtor.com, "How to Divide a House When You're Getting a Divorce", Liz Alterman, June 7, 2016