More than any other asset, you may be worried that you will not be able to keep your house after your divorce due to the sentimental value it holds. Follow along to understand the possibility of losing your house in your divorce settlement agreement and how a proficient Peoria divorce lawyer or Pekin divorce lawyer Butler, Giraudo & Meister, P.C., can fight for the best possible outcome.
Will equitable distribution prevent me from losing my Peoria County or Pekin County house after my divorce?
With New Jersey being an equitable distribution state, the divorce court will divide your assets in a way that is fair and just. However, this does not mean that this division will be an even 50-50 split between you and your spouse.
Of note, with equitable distribution, only marital property will be up for division. Effectively, marital property is comprised of the assets you and your spouse acquired during your marriage. So, if you and your spouse bought your house together while you were married, you may not necessarily lose it in your divorce.
On the other hand, there is also something that is known as separate property. Essentially, separate property is composed of the assets you or your spouse acquired either before or outside of your marriage. So, if your spouse is the sole owner of the title, you may lose your house in your divorce. Other ways in which your house would be considered separate property is if it was given as a gift or inherited by your spouse, or if it was excluded from the marital estate in your prenuptial agreement.
How will the courts determine whether I will be losing my house after my divorce?
If your house is considered marital property and ultimately undergoes equitable distribution, the divorce court will consider different factors when finalizing their decision. Notably, these same factors are used for all other marital property that requires fair and just division. Such factors are as follows:
- The value of your property.
- The standard of living that was established in your marriage.
- The duration of your marriage.
- You and your spouse’s yearly income.
- You and your spouse’s earning capabilities.
- You and your spouse’s debts and liabilities.
- You and your spouse’s financial independence.
- You and your spouse’s age.
- You and your spouse’s overall health.
- You and your spouse’s child custody agreement.
- You and your spouse’s child support agreement.
- You and your spouse’s alimony agreement.
If you believe that your rights to keep your home are at risk, you should wait no longer in contacting a talented Tazewell County marital property division lawyer today.
Contact Our Experienced Illinois Firm
Contact Butler, Giraudo & Meister, P.C., today for effective and compassionate legal counsel for the following legal matters: divorce, alimony, division of marital assets, child custody, and child support.
