Getting a divorce is often an emotional rollercoaster. It’s even more complicated when dealing with property. What to do with the family home is a question that many divorcing Illinois couples face. Here are options to help you decide what to do with your family home during a divorce.
Maintain the home together
If your divorce is amicable, you might want to co-own the home. You could have many reasons for wanting to do this. Perhaps you have a child that benefits from remaining in the current location. Or maybe you want to sell the home, but your spouse needs more time to accept the idea. You can probably think of more reasons why co-ownership is often beneficial.
Buy the home from the other spouse
Perhaps it makes sense for you or your spouse to remain in the home. If so, the spouse who wants the home can buy it from the other spouse. This can work if the other spouse can afford to maintain the home. The other spouse will also need the finances or means to actually make the purchase or get a refinance loan.
Sell the home
Selling the home is possibly the easiest option. You won’t have to worry about maintaining the property, and you’ll split the proceeds. You both will find separate housing and move on with your lives. However, this option is usually easier when there are no children because you don’t have to worry about uprooting a child from their familiar surroundings.
Things can become complicated when dealing with divorce and assets. You’ll have to decide the best way to deal with the family home. An expert who has experience with divorce, the divisions of assets and your state’s property and tax laws could help you understand all of the options.