Co-Owning a Home with Your Ex After Divorce

Divorce can be a complicated process that requires careful attention to financial matters. Real estate property represents some of the most valuable assets for married couples, which means resolving ownership-related issues must be addressed and resolved carefully. Property division issues include determining who retains ownership of the marital home and other properties, such as vacation homes, rental properties, or commercial properties owned by one or both spouses. 

Ensuring these assets are adequately divided is critical and calls for the support of knowledgeable professionals who can guide related financial decisions. Therefore, divorcing couples should seek advice from competent divorce lawyers and obtain appraisals from experienced real estate experts to protect their interests and ensure a fair property division.

Can Ex-spouses Co-Own or Share Property?

Illinois spouses can co-own a home after a divorce if they choose to do so. After a divorce, the former spouses may still jointly own property acquired during their marriage, such as a home, according to Illinois Law 750 ILCS 5/501. If the parties agree to continue co-owning the house after their divorce, they can create a legal agreement outlining each person’s rights and responsibilities.

Legal agreements guiding the co-ownership of a property are typically called a “co-ownership agreement” or a “post-divorce property agreement.” It can address various issues related to co-ownership, such as how the property will be maintained, who will pay for repairs and expenses, and how the property will be sold if one or both parties want to sell in the future. 

It’s important to note that co-owning a property after a divorce can be complex, and it’s essential to seek the advice of a qualified attorney who can help draft the agreement and ensure that both parties interests are protected.

What is Considered Marital Property?

Divorcing couples in Illinois should consider all property to be considered marital unless it fits certain exceptions. These include property acquired by the individual spouses through gifts or inheritance or a premarital agreement. An experienced family or divorce attorney can assist divorcing couples with understanding the nuances of complex property division and cohabitation regulations in Illinois.

Additionally, non-marital property can be converted into the marital property under limited conditions when it has become so commingled with other assets that tracing its origin is no longer possible. 

Contact our Divorce Attorneys for Help You During a Divorce

Resolving real estate matters associated with a divorce can be complex, but the attorneys at Goodman Law Firm are here to help. Our team of seasoned lawyers has extensive knowledge and experience in successfully assisting individuals in navigating divorce issues, including real estate property. We will listen closely to your needs and form an action plan tailored precisely to your situation. 

Our lawyers can provide detailed answers to your questions, advise on your options, and work diligently with you to negotiate an agreeable divorce settlement for both parties involved. Our expertise and commitment to client satisfaction will help make this process as smooth and painless as possible. Contact us today to schedule a consultation.