How is Real Estate Split Up in a Divorce?

 Posted on November 14,2024 in Illinois Divorce

If you are getting a divorce, you might have serious questions about how your properties are going to be split between you and your spouse. This can include not only the marital home but other real estate properties as well.

As these assets can be valued in the hundreds of thousands of dollars, it is crucial that you seek out an experienced family law attorney who can protect your rights to your property and ensure a smooth transition out of the marriage. Even if your divorce is amicable, an Illinois family law attorney can still be immensely useful in clarifying the complex legal procedures behind the division of assets.

Who Gets the Marital Home?

Put simply, the marital home is the house a couple lives in during a marriage. There are several factors that may influence the judge’s decision about who keeps the marital home. The presence of children is one of the most significant considerations. In family law, courts always make rulings based on whatever is in children’s best interests, so the main custodial parent sometimes keeps the house, especially if the children have a sentimental attachment to the property and/or location.

When children are not a consideration–whether the couple never had children or their children have already grown up and moved out–dividing the marital home becomes more complicated. If you and your spouse agree about who should keep the house, the party who stays may get a lesser share of the other assets in a divorce. Under other circumstances, you and your spouse might agree to sell the house and split the profit. Illinois divorce courts follow an equitable distribution model, so the exact split may not be 50/50.

Other Real Estate

A married couple may have invested in real estate beyond just the marital home. This is especially common in high asset divorces. Generally speaking, anything bought during the marriage is considered marital property, and even if it was not bought during the marriage, it can become commingled when you live together with your spouse. When splitting up these marital assets, the courts will weigh different factors, including:

• How much each spouse invested in the property

• The monetary worth of the property

• The length of the marriage

• The earning potential of both spouses

• Anything outlined in a prenuptial agreement

Because Illinois rules all divorces as "no-fault," neither spouse can be penalized for the collapse of the marriage. A skilled divorce attorney can make a case for your rights to the property, ensuring that nothing is overlooked in the division of assets.

Speak with a Kane County, IL Divorce Attorney Today

The stresses of a divorce can be overwhelming to deal with alone. If you are unsure about your living situation during the dissolution of your marriage, a St. Charles, IL divorce lawyer can offer useful guidance. At Weiler & Associates, Inc., our attorneys can help you regain control of your life through skilled consultation and representation. To schedule a consultation, call us at 630-331-9110.