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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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Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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