The Pros and Cons of Selling the Marital Home in an Illinois Divorce

 Posted on May 14,2020 in Illinois Divorce

Deciding to get a divorce can be one of the most difficult decisions of anyone’s life. For those couples who have been married a long time or who have children, it can be devastating. The mere thought of separating and starting over can be daunting. For some parents and kids, the marital home may have sentimental meaning. This is especially true if the couple purchased the house together after they got married and it is where they raised their family. However, the division of property is one of the main issues that needs to be resolved in any divorce. That does not automatically mean the house will have to be sold, but it is a possibility. Assuming both spouses own the home together, there are two options: sell or stay. Deciding who gets to stay can be the source of much conflict during the proceedings. A skilled divorce attorney can help figure out what is the best option.  

Benefits of Selling the House

It is imperative that both spouses learn the home’s current value. This may require an appraisal to get an accurate amount of what it is worth on the market. An assessment of the home’s monthly or yearly costs is also important, which may include the mortgage payment, homeowner’s insurance, and utility bills. Depending on the economy and housing market, most people hope to earn a profit when they sell a house. This money is typically split between divorcing spouses in the final property settlement. In certain situations, one partner “buys out” the other from the home. This means paying the spouse the portion that he or she would have received if the home was sold to an outside party. For those who want to stay in the home, possibly with the kids, this can be a good option.  

Some of the advantages to selling the marital home in a divorce include: 

• Obtaining a fresh start
• Making money/profit on the sale
• No arguing over who gets to keep it

Disadvantages of Selling the Home

It can take an emotional toll on parents and kids when they have to leave the only home they have known together as a family. In many cases, a new house may be in a different school district, so the children will have to adjust to not only a new residence but an unfamiliar learning environment

It is possible that homeowners will lose money on the sale of the house. In addition, financial advisers encourage homeowners not to spend more than 25 percent of their income on a mortgage payment. Going above and beyond that percentage can result in financial ruin. This can happen if one spouse is trying to splurge on a new house that he or she really cannot afford

Here are some disadvantages to selling the marital home in a divorce:

• Disrupting the children
• Finding a new place to live
• Losing money on a short sale

Contact a St. Charles Divorce Lawyer

One of the most debated topics in a divorce can be the division of marital property. In many cases, the marital home is a particular point of contention. The seasoned law firm of Weiler & Associates, Inc. understands how important your assets and property are to you. That is why it is important to consult with our knowledgeable Kane County property division attorneys when trying to reach a settlement. We will make sure you receive what is rightfully yours so you can walk away from your marriage with renewed confidence in the future. To schedule your private consultation, call our office today at 630-331-9110.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=5200000&SeqEnd=6000000