In many ways, family homes are treated like other assets during divorce. Assuming you purchased your home after you got married, then it would probably be marital property in its entirety, meaning a judge would equitably split the equity between you and your spouse.
However, you probably have a greater emotional connection to your home then to your bank account or retirement plan. There could also be some other concerns involved, such as previous work you had done on your house, where your children will live after the divorce and the costs and hassle of relocating.
Please keep in mind that every divorce case is different. Please do not think of this article as legal advice of any kind. With that in mind, here is a brief look at some of the issues that have to do with dividing a family home in Illinois divorce courts.
Reimbursing Interests in Your Home
If you or your spouse owned the house before you got married, the court might consider it separate property. However, it would not be wise to assume there is nothing to divide. There could still be claims to be made. For example, you may be entitled to some reimbursement if you made significant, traceable investments in improvements or repairs with funds from the marriage, or your own separate property.
Specific Concerns
In some cases, the primary caregiver for your children may be able to maintain residence in the family home. For example, parents may agree that the primary caregiver and children continue living in the house post-divorce until a specified event such as a child graduating from high school. Another specific concern may arise when a family business is run out of the home. Despite challenges, there are ways to form a compromise.
Balancing the Scales
Real estate division does not have to be confusing or cause a great deal of stress. In many cases where the parties do not agree to how the house will be dealt with, a judge may order the house sold. Depending on your complete marital estate, you could probably find some way for one of you to keep the house, while the other receives something of equal value.
To summarize, when deciding on how to divide a family home in Illinois consider the following:
- Was the home purchased before or after the date of marriage
- Who invested in the property, and how much was invested?
- Your children’s needs
- The primary caregiver’s needs
- The overall level of equitability of your divorce terms
When it comes to what happens to your family home in divorce, you probably have a good amount of flexibility. Like many couples, you and your spouse can probably find a fair agreement outside a courtroom, to divide the value stored in your home. Please call me at (312) 621-5234 to set an initial appointment.
