A major part of the decision-making process of any divorce involves the division of marital property. While savings, retirement accounts, and other assets may have significant value, the marital home is often the largest single asset any divorcing couple owns. As such, it can become a major point of contention during the divorce process. Depending on your situation and preferences, our experienced divorce attorneys can help you retain your house after a divorce or receive a fair settlement , either through its sale or a settlement during the divorce process.
Options for Dealing with Your Home
Since Illinois is an equitable distribution state, meaning each spouse receives a fair, not equal share of the marital estate, a home can often pose a problem during the process. Depending on the length of the marriage, how much equity the couple has in the house, and the value of their other assets, the house may have a greater value than the rest of their assets combined. Therefore, there are different solutions to consider on how to equitably handle the house and its value during the division of marital property. These options include:
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The house can be sold, with the proceeds being equitably divided between the spouses
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