Who Will Get the Vacation Home in Divorce?

Divorce is a challenging and emotionally charged process that couples and families often face. Beyond the emotional turmoil, one of the most complex aspects of divorce is dividing property, including vacation homes. For many couples, vacation homes are deeply cherished and loved, making selling, splitting, or buying another spouse out complicated.  

The following blog will explore property division in Illinois and potential complications an attorney can assist you with. 

How does Illinois divide property?

Divorce is very rarely straightforward, and property division can quickly become stressful and complicated. For Illinois residents and homeowners, there are laws couples must abide by during a divorce, and a skilled lawyer can help you better understand the state expectations. 

Illinois follows the principle of equitable distribution. Marital assets, including vacation homes, are divided fairly rather than in an equal 50/50 split. The court takes several factors into account when determining the division of property, including the length of the marriage, the contributions of each spouse, the financial circumstances of each spouse, and the overall needs of the parties involved.

What are the unique considerations for complex property division?

• Sentimental value: Vacation homes often hold sentimental value and may have been acquired during the marriage. Sentiment and time can complicate matters, as both spouses may feel entitled to the property. However, it’s essential to understand that equitable distribution does not always mean an equal split. Instead, the court aims to achieve a fair distribution based on the unique circumstances of each case.
• Complex property division laws:  In Illinois, add further intricacies to the process. For example, if the vacation home was acquired before the marriage, it may be considered separate property and not subject to division. However, if the property’s value has increased during the marriage due to joint efforts or financial contributions, the increase in value may be considered marital property and subject to division.
• Jointly owned property: Another challenge arises when the vacation home is jointly owned. In such cases, the court may order the sale of the property and the division of the proceeds. Alternatively, one spouse may be awarded the vacation home while compensating the other spouse with other marital assets or through a monetary settlement.

How can a divorce lawyer help with property division?

Navigating through these complexities can be overwhelming, which is why seeking the assistance of a knowledgeable divorce attorney is crucial. A divorce attorney, such as those at Goodman Law Firm, can provide valuable guidance and support. They deeply understand the laws governing property division in Illinois and can advocate for their client’s interests effectively.

A divorce attorney will work closely with their clients to gather all necessary information related to the vacation home, including its current market value, any mortgage or liens, and the financial circumstances of each spouse. They will analyze the unique aspects of the case and develop a strategy to achieve the best possible outcome for their client.

Furthermore, a divorce attorney can assist in negotiating a settlement that is fair and meets their client’s needs. 

Are you going through a divorce? Contact The Goodman Law Firm today.

Property division, especially considering vacation homes, is a complex aspect of divorce. Illinois follows the principle of equitable distribution, aiming for a fair and just division of marital assets. However, the intricacies of property division laws in Illinois can make the process challenging. 

Seeking the assistance of a divorce attorney at Goodman Law Firm can significantly ease the complexities of divorce. With our knowledge and expertise, we can guide our clients through the process, ensuring your rights are protected, and a fair settlement is reached. Contact us today.