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Joliet divorce attorneysDetermining what to do with your family home during the asset division process can be a difficult task. For some, it may be obvious who will be keeping the house and who will be moving out. For others, it may be a contentious conversation to have during your divorce proceedings. Illinois divides marital property equitably, but not necessarily equally, and this reality can leave you wondering how you and your spouse will each be granted equivalent amounts of marital property if your family home is your most expensive asset. With the help of a reputable divorce attorney, you can be fully informed on the options available to you and will receive your fair share.

Dividing Your Large Assets

For those who have more than one large asset, determining who gets the family home may not seem like an unfair discussion. If you and your spouse have multiple large assets, such as luxury cars or a vacation home, you may just agree to have one spouse keep the home and the other keep the second large asset. This is the easier route to take if it is a possibility, but for most families, their home is their one and only particularly large asset.

Buy Out Your Spouse

In order to avoid having one spouse benefit by receiving the largest asset, while the other spouse feels short-changed, the spouse who intends on keeping the marital home can buy out their former spouse. This requires an official appraisal of your house’s current market value, dividing the number in half, and the new sole-homeowner paying their former spouse for their half of the ownership. This is a common solution used by divorcing parents, allowing the children to remain in their current home with one parent while the other parent finds alternative housing.

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Are Belongings Divided 50-50 in an Illinois Divorce?During the divorce process, property division can be the most contentious conversation that you and your soon-to-be ex-spouse will have. Not only is it emotionally difficult to discuss divvying up your life together, but it can also reveal sides of your former spouse that you may have never seen before. The division of assets can sometimes feel like a lose-lose situation, especially when you do not think that your previous partner deserves some of your belongings. Having an experienced divorce attorney on your side can help you determine which assets you are willing to give up and which ones are worth fighting for. Without a proper lawyer’s help in states like Illinois, it may feel like you are giving up a lot more than you expected.

Equitable Distribution Versus Community Property

Like most states in the U.S., Illinois is an equitable distribution state, meaning that properties in a divorce are divided in a manner that is deemed fair but not necessarily 50-50. Divorcing couples who cannot agree on how things will be divided will be turned over to a judge, who will then determine how the property will be divided in an equitable manner. The judge will look at factors such as income, personal assets, and financial needs and determine what is considered fair.

There are nine states that use a different method, and they are called community property states. Within these states, lawmakers deem all property, assets, and debts to be the belongings of both spouses. With this in mind, everything will be divided 50-50 between both parties, including any debts. This type of division applies to anyone filing for divorce within these nine states, whether or not they got married within them. These properties will be considered “quasi-community” property if they are acquired while living in an equitable distribution state.

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