People contact us when they are looking for an Illinois attorney. Some are considering or pursuing a divorce and want to hire an experienced and reputable attorney to represent them. A question we hear often in those situations is, “Who gets the house?”
It makes sense that this would be on the minds of people about to divorce. Often the house or condo that the couple owns is their largest or most expensive asset.
If both spouses are on the title or it was bought during the marriage, it’s a marital asset. There are three options the divorcing spouses need to consider:
• Sell the house
• Co-own the house
• Agree to a buyout
Sell the House
If neither spouse wants the house, or they would not be able to afford it on their own, they can sell the house and split the profit. To get to that payout, however, there is typically a lot of work to be done. Finding a real estate agent, making repairs, and sprucing up the property involves a lot of work and money. Can the two parties do that work together or will just one spouse take that on?
Another factor to consider is the state of the real estate market. Is it a sellers’ market or are properties being listed for months before they sell?
The two parties will have to pay off the mortgage and any home equity loans. They need to prepare for the capital gains tax on the proceeds.
Co-Own the House
This is probably the least common outcome. We see this with spouses who have children and believe it is best for the kids to stay in the family home and not have to go between two houses or apartments. The divorced spouses either have separate housing and take turns staying at the family house with the children, or they live in different bedrooms/parts of the house.
This can be a permanent or temporary solution (e.g., in place for 2 years before revisiting the situation). Either way, the spouses remain tied to each other financially.
Agree to a Buyout
In this situation, one spouse wants to keep the house and the other agrees to move out and accept a buyout. The tricky part is determining what the fair amount is for the buyout and how that value is given to the spouse.
Sometimes other money or assets are given in a buyout. Sometimes payments are made over time. Occasionally, the spouse keeps the home as a form of lump-sum alimony.
When you and your spouse can’t agree on one of these three options, a Judge may decide for you and usually that will mean forcing a sale of the house.
Going through a divorce is obviously stressful. But having an experienced advocate in your corner who will help you through the process, including the big issue of who gets the house, will make the process easier. And in the long run, you will likely be better off financially than if you didn’t hire an attorney or if you hire one who isn’t good at their job.
For the best divorce attorney for your situation, contact us at 312-346-5320. We help with divorces in Cook County and the neighboring counties of Lake, DuPage, Kane and Will.