Divorce is complicated and takes time, but life does not stop. People often get separated, and when the divorce is pending, you might want to buy a house when separated from your spouse. Whether this is a good idea or not is debatable. Learn more about this topic below, and speak to our divorce lawyer in Chicago Michael C. Craven for assistance.
What Illinois Law States About Buying A Home During Divorce
No laws prevent you from buying a house when separated from or divorcing your spouse. However, there are considerations to think about before making this major purchase during your divorce. Without knowing what your rights and obligations will be make this decision perilous.
For example, how your assets will be characterized are not a certainty until the end of a case. You may think that some of your property, including the money to be used for your new home purchase, is your separate, non-marital property. However, it’s possible a judge may not agree.
Furthermore, if the new home is marital, it will be divided equitably. An equitable division of marital property may not be 50/50. For example, if one partner makes more money or has more assets than the other, the other party could be awarded more than 50% of the assets. In such a case, you may owe your soon-to-be ex more than you thought for his or her share.
Also not knowing what your obligations will be or what monies you will be receiving add risks. , You may underestimate your final obligations or overestimate what you will ultimately receive for child support, maintenance, and/or contributing to your kid’s other expenses. Unexpected outcomes could be very upsetting to your financial security. The same may be true if you over or underestimate how your marital debt will be allocated by the court.
Another consideration is the marital obligations existing during your separation or divorce. Simply moving out of the marital home does not relieve you of contributing to it. A court can require an absent spouse to pay or contribute to the mortgage, rent, and other household expenses.
These complications are reasons to consider delaying a home purchase until the divorce is final. It might be best to rent a home or apartment until the divorce process is finished.
What You Should Resolve Before Purchasing A Home During A Separation Or Divorce
Buying a home during the separation is possible, but it may not be advisable. Many attorneys recommend not purchasing a home during the process because there are many unknowns until the divorce is final. Some things that you should know before you buy a house while being separated are:
- How much alimony or child support will you pay or get from the other party?
- Who will your children spend nights with during the week?
- Who will be responsible for any marital debt?
- Who will have which assets when the court finalizes the divorce?
- What is going to happen with the marital home?
Mostly, these issues are settled once the divorce is final. Also, many people who purchase homes during separation often want to move in with a new partner. Unfortunately, this action can upset the other person, adding to the emotional aspect of a case and possibly making it more difficult for you to finalize a settlement.
Contact Our Divorce Lawyer In Chicago
Buying a home when you are separated from your spouse in Illinois has many factors that should be carefully considered. No divorce situation is the same, so if you want to buy a home and are not divorced yet, you should have the situation reviewed by a qualified lawyer. So, please contact our divorce lawyer in Chicago Michael C. Craven for legal assistance at (312) 621-5234.
