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Four Questions to Ask When Considering Keeping Your Home After DivorceIf someone asks you whether you want to keep your house after a divorce, your initial reaction may be to say “Of, course.” People invest a lot in their marital homes, both financially and emotionally. It may seem overwhelming to lose your home on top of your marriage. Keeping your marital home is just one option during the division of property. In some situations, you may benefit more from letting your spouse keep the house or agreeing to sell it. Here are four key questions that may help you decide what to do with your marital home:

  1. Can You Afford the Home on Your Own?: If you keep the home, you will likely transfer the deed and mortgage to your name only. You will be solely responsible for paying your mortgage, property taxes, utilities, and home maintenance. Spousal maintenance could help you if you qualify, but you will still bear a larger financial burden for the home than when you were married. You must assess your income and other assets to determine whether you can afford those expenses.
  2. What Will You Give Up for the Home?: Illinois equitably divides marital properties between spouses during a divorce. If you receive the marital home, you will need to give your spouse other marital properties of similar value. Real estate is often the most valuable property in a divorce. You must decide whether keeping the home is worth the other marital properties you will lose in exchange. Selling a home is the only way to equally divide its value between you both.
  3. How Valuable Is Your Home?: Owning a home is an investment that can change in value. During the divorce, you will assess the value of your home as if you were preparing to sell it. The reputation of your neighborhood and the condition of the home will both affect the value. Housing market conditions will also play an important factor. It may not make sense to sell your home if you are unlikely to receive full value for it.
  4. Do You Need a Home of That Size?: Keeping a family home is most practical when your children are living with you. They need space and may benefit from staying in a familiar home. A family home may be more than you need if you will be living alone. You could save money by selling your home and using the proceeds to purchase a downsized home.

Contact a McHenry County Divorce Lawyer

What to do with your marital home is one of the most important property decisions you must make during a divorce. A Crystal Lake, Illinois, divorce attorney at Botto Gilbert Lancaster, PC, can assess your financial situation to help you make an informed decision. Schedule a free consultation by calling 815-338-3838.

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Divorcees Must Modify Deed, Mortgage for Marital HomeYou and your spouse will decide which of you will retain ownership of your marital home after your divorce. However, the division of property in a divorce agreement is not enough to completely transfer ownership of the home to one person. As long as both of your names are on the deed and mortgage, you both will have some control over and responsibility for the home. The most efficient way to settle the issue is to transfer the deed and modify the mortgage while your divorce is still ongoing.

Potential Problems

Your divorce agreement states your intention for one of you to occupy and control your marital home after your divorce. It does not automatically change your deed or mortgage. Failing to update these documents may not have immediate consequences but will eventually cause complications:

  • One of you cannot sell the home without the other’s approval if the deed still says that you both own the home;
  • The person who no longer lives in the home could be liable for property tax and mortgage payments if the occupant does not pay them; and
  • If the occupant files for bankruptcy, the mortgage lender can pressure the other person on the mortgage to pay the remainder.

It is easier to settle these issues between each other now than returning to court years later when you are having problems.

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Posted on in Family Law

keep the house, Crystal Lake Divorce LawyerFor many couples, the marital home becomes one of the central issues in a divorce case. A home is generally a large chunk of a couple's property; therefore, it will naturally be an important part of the property division process. Additionally, there are a lot of memories tied to a marital home. People can often find comfort in the stability that comes with keeping a house during a divorce. However, there are several practical concerns where keeping the house is concerned. These may not be enough to outweigh the possible benefits, but divorcing homeowners should keep these concerns in mind.

Marital Home Concerns

One main concern to keep in mind when deciding upon whether or not to keep the marital home is that houses are expensive assets. Often, a divorcing spouse's options will be to keep the house, let the other spouse buy him or her out of the house, or sell the house and split the proceeds. Of these options, two tend to leave a divorcing spouse with a bank account, while keeping the house leaves him or her with an asset in need of upkeep.

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