Will I Lose My Home in an Illinois Divorce?

 Posted on February 19,2024 in Illinois Divorce

When it comes to divorce, many things need to be divided and agreed upon before your separation is finalized. In addition to determining child custody and dividing marital assets, figuring out which spouse gets to keep the marital home in an Illinois divorce can be complicated. A skilled Illinois divorce attorney can help review the specifics of your divorce and work with you to create an agreement about your marital home.

Your Home as an Asset

Possession of the home in a divorce can be one of the most complicated things to figure out, as a home is typically a couple’s biggest asset and one of the biggest factors of debt. A home counts as marital property, as defined in the Illinois Marriage and Dissolution of Marriage Act, if the home was purchased jointly after a couple became married. This means that the home is subject to division during the divorce.

Some options for dividing your home when it is a marital asset include:

• Selling your home and splitting the money from the sale with your partner

• Buying out your partner’s share of the home so you can keep it

• Co-owning the home, something that may be an option if you are also sharing child custody

Keep in mind that if one spouse owned the home that the other party moved into after marriage, they would generally be able to keep the home. However, this home may become marital property and subject to division if both names were placed onto the deed of the home or a mortgage for the home was taken out in both spouses’ names.

A divorce lawyer can provide further guidance about whether or not your home is considered a marital asset and how to handle this factor in your divorce.

How Can I Keep My Home After Divorce?

If you want to remain in the home you shared with your spouse after the divorce or if you owned the home before your divorce and want to make sure you keep it, you should be meeting with an experienced divorce attorney. You may find that you need mediation to come to an agreement with your spouse or assistance navigating Illinois law to ensure that you receive a fair division of assets in your divorce.

Contact a Kane County, IL Divorce Attorney

Dealing with the division of assets during a divorce, including the allocation of a marital home is complicated. A seasoned St. Charles, IL divorce lawyer can help you understand how your home might need to be divided and advocate for you to remain in your home as needed.

Call Weiler & Associates, Inc. at 630-331-9110 for a consultation.