Naperville Divorce Attorney for Division of Real Estate

Lawyers Helping Divorcing Spouses Address Marital Home Ownership in Will County

When you get a divorce, you and your spouse will need to make a number of difficult decisions about how you will separate your lives and your finances. Determining how to fairly divide your marital property can often be a complex undertaking, especially since some assets have both monetary and sentimental value. Your family home will often fall into this category, and as one of the most valuable assets owned by your family, you may struggle to resolve disputes about ownership of this property. When dividing your marital assets, you will want to work with an experienced divorce attorney who can ensure that you have considered all of the legal and financial implications of your decisions.

The Law Office of Ronald L. Hendrix, P.C. provides dedicated legal help to divorcing spouses, and we have assisted numerous clients in resolving complex divorce issues. With more than 35 years of combined legal experience, our lawyers can help you understand the best ways to address ownership of your marital home or other real estate property. We will discuss your goals and needs, and we will work to help you reach an agreement that protects your financial interests and allows for your ongoing success once your divorce is complete.

Addressing Ownership of Your Marital Home

After residing in your home for a significant amount of time, you and your spouse may both want to continue living there after your divorce. You may also be concerned about the possibility of uprooting your children, especially when moving to a new home may require them to change schools, and it could affect their friendships and the activities they participate in. To address these concerns, you may be able to work out an arrangement between the two of you about how to handle ownership of your home, or you may need to ask a judge to make decisions for you during a divorce trial.

Typically, divorcing spouses choose one of three options when addressing real estate property:

1. Sell the home - This is often the easiest approach, and the proceeds earned from the sale of the home can be divided between the spouses. This can provide some much-needed funds that will allow each spouse to find new housing, whether they choose to rent or purchase a new home.
2. One spouse continues to own the home - If one spouse will continue living in the home, they will need to "buy out" the other spouse's share of the home's equity. The mortgage will need to be refinanced in one spouse's name, and the other spouse will need to be removed from the title and any other paperwork.
3. The spouses continue to own the home together - In some cases, such as when parents wish to allow children to stay in their school district until they graduate, continued co-ownership of the home may be preferable. In these cases, a couple's divorce decree should include terms specifying how they will share mortgage payments, utilities, and other expenses, and it should address the circumstances in which the home may be sold or when one spouse may purchase the other's share of the home's equity.

Contact Our DuPage County Asset Division Lawyers

Ownership of real estate property can be one of the most complex issues to be decided during your divorce. To ensure that you address these matters properly and avoid any future legal or financial pitfalls, our attorneys can advise you on the best steps to take. We will work with you to create a divorce settlement that protects your financial interests and meets your ongoing needs. To set up a free consultation, contact us today by calling 630-355-7776 or 815-722-7050. We assist divorcing spouses with property division in Plainfield, Naperville, Bolingbrook, and throughout Will County, Kane County, DuPage County, and Kendall County.