Will You Have to Sell the Marital Home During Your Divorce?

Divorce is a complex and emotionally challenging process, often involving the division of shared assets such as real estate. It is natural for people pursuing divorce in Illinois to wonder, “Will I have to sell my house?” The answer is, “It depends.” The best way to assess the future of your real estate ownership is to sit down with an Evanston family law attorney and talk through your options.

Marital vs. Nonmarital Property in Illinois

In Illinois, property acquired during marriage is typically considered marital property, which means it is subject to equitable distribution in a divorce. Nonmarital property, on the other hand, includes assets acquired before the marriage, as well as inheritances and certain gifts.

Distinguishing between marital and nonmarital property is the first step in determining how to divide property in a divorce, including the marital home. Did you buy your home before the marriage or during the marriage? Where did you get the money for your down payment? If you purchased your house during the marriage, it is marital property. If one spouse used non-marital funds to pay for the home, it may be possible for that spouse to reimbursed by the marital estate, or to offset that contribution in other ways. How the equity in the marital residence will be divided is a fact-specific question, and an experienced Evanston divorce attorney can advise on you on what to expect in your unique circumstances.

The marital home often holds significant emotional and financial value for divorcing couples, and this can make it an extremely fraught asset to divide. When it comes to the marital home, divorcing couples have several options. They can choose to sell the home and divide the proceeds, retain ownership jointly, or have one spouse buy out the other’s share.

You Want to Keep the House, But is it Financially Feasible?

For some folks, retaining the marital home is super important; perhaps they have a deep emotional attachment to it or they want to maintain stability for their young children. In such cases, one spouse may buy out the other’s share of equity in the home. This typically involves one spouse signing a quit claim deed and the other spouse refinancing or assuming the mortgage to remove the departing spouse’s name from the loan and title.

However, this option can be financially challenging and may require careful consideration of each spouse’s financial situation and future housing needs. Just because you want to keep the house does not mean that you can afford to keep the house or that it would be practical for you to do so. Assess your finances and budget to determine whether you can cover the mortgage, homeowner’s insurance, utilities, home repair costs, and property tax payments on just one salary.

Reach Out to a Family Law Attorney in Evanston for Help

If you are worried that you will lose your family home in your divorce, rest assured that there are many different ways to divide that important asset. It may be possible to keep the family home, with the help of a skilled family lawyer. The team of compassionate attorneys at O. Long Law, LLC, has experience guiding clients through complex property division in divorce. You are not alone when you have a fierce legal advocate by your side, so reach out to us today.