Will I Get to Keep My House, My Car, and My Property after My Divorce?

If you’re going through a divorce, you naturally have concerns about what your finances are going to look like once your divorce is finalized.  You may wonder whether you will pay or receive spousal support or whether you will keep the family home or your 401(k).  The uncertainty –and the war stories – inherent to divorce can make questions about the division of your marital property that much more pressing. If you have concerns about protecting your financial rights throughout the divorce process, it’s time to consult with an experienced Chicago divorce attorney.

The Division of Marital Property

In the State of Illinois, the property that you and your spouse acquired during your married years is marital property that will need to be divided equitably upon divorce. Equitably does not necessarily mean evenly, and this equitable division can become very complicated very quickly. The property that you bring into your marriage with you – and that you keep separate throughout – will remain yours alone.  It is not uncommon to fight over whether property one spouse acquired before the marriage lost it’s separate property status by being commingled during marriage. 

Your Car

If you and your divorcing spouse both have vehicles that are relatively equal in value, this factor may be a wash – and you’ll simply each keep your own car. If, however, one of you has a much more expensive vehicle, the difference in value will need to be addressed in the division of your marital property. This doesn’t mean that you won’t be able to keep your car (if it is the pricey one), but you will likely have to make up for the value disparity as offset elsewhere on the martial balance sheet.   

Your Home

The family home is often a couple’s most significant investment, which can make deciding how to address the matter in relation to the division of your marital property that much more complicated. Common options include:

• Selling the home and dividing the proceeds
• One of you staying in the home (often as the primary custodial parent) and buying the other’s share out with a lump sum (via a a cash out refinance), or with a larger share of the marital property
• Owning the home together (until the nest is empty), selling it together when the time comes and equitably dividing the net sale proceeds

Your Savings and Investments

As mentioned, any property that you acquired during your marriage remains marital property regardless of whose name is on title.  This includes pensions, brokerage accounts, 401(k)’s, savings accounts, and even ownership in a business.  Each spouse has an ownership interest in these assets even if they did not participate directly in acquiring the asset or their name is not on the title.  If you want to keep a specific asset, you will most often need to offset the value of that asset by forging your interest in another asset of comparable value.  If your marital estate is substantial, a savvy divorce attorney can help recommend a division of marital property that is both equitable and financially wise.

Speak to an Experienced Chicago Divorce Attorney Today

Cameron H. Goodman at Goodman Law Firm – proudly serving the Chicago Area – is a practiced divorce attorney with a wealth of experience successfully helping clients like you obtain favorable divorce terms. For more information, please don’t hesitate to contact us today.