Should I Keep the Marital Home After My Illinois Divorce?

 Posted on September 27, 2024 in Asset Division

During divorce proceedings, one of the most emotionally charged questions couples face is whether to fight for the marital home. For many, this residence signifies stability, memories, and the family unit. Consulting a qualified lawyer can provide invaluable insights into the various considerations that surround this decision.

Emotional Attachment vs. Practical Considerations

When weighing the decision to keep the marital home in an Illinois divorce, it is crucial to consider both emotional and practical factors:

• Emotionally charged memories – The home may hold significant memories, making it hard to let go.

• Sense of stability – Retaining the home can provide a sense of stability for children during a turbulent time.

• Future value – Consider whether the home has the potential to increase in value over time.

• Financial implications – Evaluate the cost of maintaining the home versus the potential benefits.

Does Keeping the Marital Home Make Financial Sense?

Before deciding to fight for the home, assess your financial situation rigorously:

• Mortgage obligations – Can you afford to keep up with mortgage payments without additional income from your spouse?

• Maintenance costs – Factor in annual maintenance, property taxes, and insurance.

• Refinancing options – Are you able to refinance the home under the name alone if you choose to keep it?

• Equity division – Understand how equity in the home will be divided during the settlement.

Effect on the Children

If children are involved, their stability should weigh heavily in the decision:

• Stability – Staying in the same home can help children maintain a sense of continuance of what they are used to.

• Emotional well-being – Assess how the move or absence from the home may affect your children’s emotional health.

• Schooling – Consider the implications of changing schools or friendships if you move.

Legal Implications of the Decision

The legal ramifications of keeping the marital home can be extensive. You should be aware of the following:

• Division of assets – The marital home is often considered a joint asset and will be subject to equitable distribution during divorce proceedings. If you keep it, be prepared for potential compensation to your spouse.

• Legal fees and costs – Keeping the home may involve legal costs associated with refinancing the mortgage or adjusting property titles.

• Custodial arrangements – If children are involved, courts often consider stability for their welfare, which can impact decisions surrounding who retains the home.

Contact Our Kane County, IL Divorce Lawyers

The decision to fight for the marital home is personal, requiring careful consideration of various things. Consulting with a lawyer to better clarify your options can help you make better informed choices that align with your goals. Contact the well-respected St. Charles, IL divorce attorneys with Weiler & Associates, Inc.. Call 630-331-9110 for a private consultation.