Looking back on your life with your soon-to-be ex-spouse, it can be emotional to imagine the big steps that you have taken together — buying your first home, moving in together, and making memories under its roof. For many, homes can be a symbol of love, family, and security. For those considering divorce, their home can still represent all of these things, which makes it difficult to determine what you should do with it. Is one of you adamant about keeping the home or are you both looking for a fresh start? Depending on you and your spouse’s circumstances, there are a number of options available to you during the asset division process.
Equitable Division
Illinois is an equitable division state when it comes to marital property division. In other words, you and your spouse’s belongings will be divided fairly, but not necessarily equally. A number of factors, such as each spouse’s income and savings, will be considered when determining who gets what. For most couples, their home is their largest asset, making it a prized possession during asset division. Couples involved in a collaborative divorce can determine how they would like things to be handled, while those involved in litigation will have a judge make this decision for them. Regardless, there are a few common options available if your intention is to keep the house and not sell it.
Divide the Large Assets
For couples that have a number of large assets, such as a vacation home, expensive cars, or a large stock portfolio, they may decide to allot certain assets to each other. One spouse gets the marital home, while the other gets the vacation home. Since one spouse is typically more inclined to keep the marital home than the other, this can often be an easy decision to make. If you and your spouse have kids, the custodial parent will usually stay in the home with their kids, while the other parent finds a new place to live.
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