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b2ap3_thumbnail_home-buying-open-house-real-estate-selling.jpgDeciding 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: 

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Kane County divorce lawyersIn a divorce, the marital home is a considered a piece of property. As with all property in a divorce, the couple must consider what will happen to the home once the marriage is officially over. Due to its value and the fact that a home cannot truly be divided, divorcing spouses will often need to be creative in deciding how the home will be accounted for in the asset distribution process.

Separate and Marital Property

Under Illinois law, property in a divorce is classified in one of two ways: separate and marital. Separate property is any asset or debt that was owned by one person prior to the marriage. These types of property are generally not subject to division in a divorce, though there may be exceptions. 

On the other hand, marital property is any property or debt acquired during the marriage by either spouse, with limited exceptions for gifts and inheritances to one spouse. In most cases, the marital home is considered marital property.

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