Deciding Who Gets the House in an Illinois Divorce

 Posted on July 30, 2024 in Divorce

Deciding who gets the house can be one of the most difficult parts of a divorce settlement. In Illinois, where state laws follow an equitable distribution model, several factors are considered to ensure that the marital assets are divided fairly. Below is an overview of how couples typically decide who keeps the house in a divorce. If you are considering divorce but are not sure how you will make this decision, speak with a seasoned Naperville, IL divorce lawyer to discuss further.

Equitable Distribution?

In Illinois courts, marital property - which includes the family home - is divided equitably rather than equally in a divorce. Various factors are considered in an effort to reach a division of assets that is fair, rather than equal. The goal is to achieve a fair allocation based on the circumstances of the marriage and the needs of each spouse.

Home Valuation

Before you can decide who should keep the home, you need to assess how much it is worth. To do so, you need a professional appraisal that can evaluate the current market value of the property.

Financial Considerations

Some of the financial factors to consider when deciding who gets the house include:

• Equity in the home: The amount of equity (the difference between the home's market value and any outstanding mortgage) can influence the decision. Whichever spouse keeps the house will likely need to compensate the other spouse for their share of the equity.
• Financial Stability: The spouses’ ability to afford the mortgage payments, property taxes, and maintenance costs is an important factor. The court will consider whether either spouse can afford to keep the house

The Best Interests of Your Children

When minor children are involved, the court considers their best interests when deciding who gets the house. Whatever can give the children stability is given a lot of weight. If one parent is the primary caregiver and the house is in a good neighborhood, the court might award the house to that parent to avoid disrupting the children’s lives.

Schedule a Free Consultation with a DuPage County, IL Divorce Lawyer

If you believe you are headed for divorce but are concerned about how your marital assets will be divided, speak with a knowledgeable Winfield, IL family law attorney. At Hensley Sendek Law, we understand how difficult this process can be and we want to give you the support you need to get through it better off and ready to start the next chapter in your life. Call us at 630-358-9029 to schedule a free consultation.