Should You Keep or Sell the Marital Home?

 Posted on June 13, 2024 in Family Law

One of the most significant and complex decisions you will face during a divorce in Illinois is what to do with the marital home. The house often represents not just a valuable asset but also a place filled with memories and emotional ties. Whether you decide to keep or sell it, several crucial factors should guide your decision-making process. Talk with your attorney to weigh your options.

Financial Implications When Deciding to Keep or Sell the Marital Home

First, you will want to assess the financial implications of keeping or selling the marital home. Keeping the home means you will need to be able to afford the mortgage payments, property taxes, insurance, and maintenance costs while living on a single income. Calculate a budget to determine if staying in the home is feasible without causing financial strain.

On the other hand, choosing to sell the home may offer a fresh financial start but involves transaction costs such as real estate commission fees, closing costs, and potential capital gains tax. Factor in these costs to understand the net proceeds you would receive from selling the house.

How Will This Decision Impact Your Children?

If you are a parent, you have even more to consider. Moving to a new home can be disruptive, especially during a time marked by significant change, like a divorce. Staying in the marital home may provide a sense of stability for your children, helping them maintain their routine and remain in the same school district.

However, if maintaining the home would lead to financial hardship or high stress, the stability you hope to offer may quickly diminish. Balance your children’s immediate needs with your long-term ability to create a stable environment.

Emotional and Practical Concerns to Consider

Do not underestimate the emotional attachment you or your children may have to the marital home. This intense emotional attachment can cloud practical decision-making. Take time to reflect on whether staying in the home will help you move forward or serve as a constant reminder of the past.

Additionally, consider the practical aspects: is the home too large or small for your new circumstances? Does it require significant repairs or maintenance that could be burdensome? Evaluating these factors can help you make a choice that aligns with your future goals and needs.

Contact Our Kane County, IL Divorce Lawyers

Deciding whether to keep or sell the marital home involves balancing emotional attachments with practical realities. Financial capabilities, the needs of any children involved, emotional readiness, and legal considerations should all play a role in influencing your decision. Take the time to gather all the necessary information, consult professionals, and introspect on what will best serve your future well-being. 

For assistance in making this decision and other important decisions in your divorce, contact the experienced St. Charles, IL divorce attorneys with Weiler & Associates, Inc. for assistance. Call 630-331-9110 for a private consultation.