Divorcing? What Do You Do with Your House?

If you are divorcing, you have a lot on your plate, and this includes having some big decisions to make. One of the most significant elements of your divorce – and one of the most hotly contested – is the division of your marital property. Because your home is likely your most valuable property, it can require some heavy lifting when it comes to making decisions about how you’re going to handle the matter in your divorce. If you’re facing divorce concerns that relate directly to your family home, reach out to an experienced Oak Brook divorce attorney today. 

Your Marital Property

Your family home is almost certainly considered marital property, which means that the value you have invested in it will need to be divided equitably (or fairly) in your divorce. But there is more to the matter than this. Your family home remains your children’s home and is where you have raised them, which makes it far more than just an investment. Many divorcing couples are motivated to find a way to continue raising their children in the family home, which often means there are complicated financial decisions that need to be made. If, however, neither of you is invested in keeping the home, the path forward is simpler and includes selling your house and dividing the proceeds equitably between you. 

Your Children’s Best Interests

If it is your intention to stay in your family home with your children in the capacity of their primary custodial parent – or if you support your spouse’s desire to do so – the court may be inclined to agree with this decision. Ultimately, every child-based decision that the court makes is based on the best interests of the children involved, and prevailing wisdom finds that children fare better when they have constancy (such as remaining in the home they know and are comfortable living in – and not being ripped from it in a divorce).

Keeping the Family Home in a Divorce

If either you or your divorcing spouse intends to remain in your marital home after your divorce, you’ll need to find a way to equalize the value with the other, and there are several possibilities that include (as applicable): 

• Offsetting the other spouse’s ownership in the home with other assets
• Obtaining a loan and purchasing the other spouse’s ownership in the home outright
• Buying the other spouse’s ownership out over time
• Continuing to own the home together until the children are grown

It’s important to note that you and your divorcing spouse can get creative on this issue if you are both committed to having one of you remain in the home for your children’s sake. 

Don’t Delay Consulting with an Experienced Oak Brook Divorce Attorney

Cameron H. Goodman at Goodman Law Firm in Oak Brook, Illinois, has considerable experience helping clients like you successfully resolve their divorce concerns, and we’re here for you, too. For more information about how we can help, please don’t hesitate to contact us today.