Decision about family home major part of divorce

 Posted on November 05, 2015 in High Asset Divorce

Purchasing a house with a spouse in Illinois is one of the biggest moves two people will make together. It is therefore understandable why figuring out what to do with the marital home during a divorce is an important decision. In some cases, both individuals agree to simply sell the home and split the proceeds.

An important step in selling the family home during a divorce proceeding is to get the house ready for showings. Staging the house might entail tasks such as doing repainting and minor repairs. It is necessary for both spouses to come to an agreement on where the money needed to complete these jobs will come from. Also, if one of the spouses is still living in the house, it is wise for him or her to de-clutter and clean the residence before showing it.

Both parties can also be a part of the process of reviewing any offers made on the home by potential buyers. Although the agent may provide advice, the final decision belongs to the two spouses. Once the house is sold and all obligations are paid, the escrow company is generally able to distribute the proceeds.

Divorce in Illinois can present both emotional and financial challenges, especially when it comes to the marital home. This is because the house is often a couple's biggest asset, and many memories are usually tied to the home. Proper legal guidance may help two divorcing individuals to handle matters such as property division in a manner that is as beneficial and pleasing to both parties as possible considering the circumstances.

Source: realtytoday.com, "5 Home Selling Tips During a Divorce", Nov. 2, 2015