How Is the Fate of a Family Home Decided in an Illinois Divorce?

 Posted on January 27, 2024 in Divorce

One issue that is stressful for a couple amid the divorce process is that of property division. On the one hand, there is the monetary value to think about. On the other hand, there are emotional and logistical considerations to take into account. The family home can be a source of memories, and whether they are good memories or painful ones can affect whether someone wants to stay in it after a divorce. It can also be a source of shelter and security and can provide a sense of stability to children who may be involved. Suffice it to say, deciding what to do about your family home is no simple matter. An experienced DuPage County, IL divorce lawyer can explain your options and help you figure out how to proceed.

Possibilities for Your Family Home

Whatever you end up deciding about your family home will be influenced by your unique circumstances and experience in that home. Before making this decision, you should give yourself time and space to consider how you feel and what would best serve your interests. 

You might think you want to keep the home and stay there after the divorce, but if you are not capable of the financial responsibilities involved (including mortgage payments, home insurance, taxes, and home maintenance costs) it might not be in your best interest. You may be worried that it will be too hard or expensive to find somewhere new - in addition to the stress of packing up, moving, and settling your children - but if the home brings up negative memories of darker times in your life, it might not be worth it for you to stay there.

Once you better understand your preferences, you and your spouse will need to agree on what will happen to your home, and this will be included in your divorce settlement. Three of the most common ways divorcing couples can approach this are:

• Both want to keep the home. This is a complicated situation. requiring further negotiation.

• Neither wants to keep the home. In this scenario, the home can be sold. Money from the sale will go toward paying off any mortgage balance that might remain, and then it can be split between the spouses.

• One wants to leave and the other wants to keep it. In this scenario, the spouse who wants to leave will be compensated for walking away from it, as the spouse who wants to stay there will generally “buy them out,” paying their ex and then becoming the sole owner.

Schedule a Free Consultation With a Dupage County, IL Property Division Attorney

At Fawell & Fawell, we truly feel that your family is our priority. Let a knowledgeable Wheaton, IL divorce lawyer help you with this important decision. With our extensive experience handling complicated property division cases, we can guide you through the process. Call 630-871-2400 to schedule a free consultation.