Divorce is an emotional and financial turning point, and for many couples, deciding what to do with the family home is one of the biggest challenges. The home often represents more than just a place to live—it’s tied to memories, security, and significant financial value.
At Shark Lawyers for Men, we understand the unique complexities of property division during a divorce. If selling your home is on the table, here are a few tips our experienced team of divorce attorneys put together to help navigate the process in Illinois effectively.
Illinois Marital Property: What To Know
In Illinois, assets acquired during the marriage are typically considered marital property, meaning both spouses have a claim to them. The family home, unless explicitly excluded is usually subject to equitable distribution.
Equitable distribution doesn’t necessarily mean a 50/50 split. Instead, the court will divide property in a way deemed fair. A few things that may be taken into account include:
- The financial contributions of each spouse
- The length of the marriage
- The needs of each party
Understanding whether your home is considered marital property is a critical first step in determining how to handle it during the divorce.
Timing the Sale Can Be Strategic
Deciding when to sell the home can make a big difference financially and emotionally. Some couples choose to sell the home before finalizing the divorce, allowing them to split the proceeds as part of the property settlement. Others may delay the sale until after the divorce is finalized, especially if one spouse plans to remain in the home temporarily.
Here are a few things to consider when deciding on timing:
- The current housing market (Is it a seller’s market?)
- The costs of maintaining the home during the divorce process
- Your long-term financial plans
Timing the sale strategically can help you maximize profits and avoid unnecessary financial strain.
Prepare for the Practical Steps: Selling Your Home in Illinois
Selling a home during a divorce requires collaboration, even when emotions are high. A few key steps include:
- Agreeing on a Real Estate Agent: Choose a neutral, experienced agent to handle the sale.
- Setting the Price: Work together to decide on a fair listing price based on market value.
- Dividing the Costs: Decide how to handle expenses like repairs, staging, and closing costs.
Keeping communication clear and professional during this process can help avoid unnecessary delays or disputes.
What Happens to the Proceeds?
The proceeds from selling the home are typically divided between the spouses as part of the overall divorce settlement. However, the division isn’t always straightforward. Factors that may affect how proceeds are divided include:
- Whether one spouse paid for the home before or after the marriage
- Outstanding mortgage balances or liens
- Any agreements made during the divorce negotiations
At Shark Lawyers for Men, we help ensure that assets like home sale proceeds are divided fairly, protecting what’s rightfully yours.
Alternatives to Selling the Home
Selling isn’t the only option. Depending on your financial situation and goals, there are alternatives to consider:
- One Spouse Buys Out the Other: If one spouse wants to keep the home, they can buy out the other’s share. This requires refinancing the mortgage into one person’s name.
- Co-Ownership Post-Divorce: In some cases, couples choose to co-own the home temporarily, especially if children are involved and they want to maintain stability.
- Renting Out the Home: If selling doesn’t make sense financially, renting the property can provide an interim solution.
These options may require additional legal and financial planning, but they can offer flexibility during a challenging time.
Contact Shark Lawyers for Men Today
At Shark Lawyers for Men, we’ve helped countless fathers and men in Illinois protect their financial futures during divorce proceedings. From ensuring a fair division of assets to negotiating buyouts or sale agreements, our experienced team of divorce attorneys is here to guide you every step of the way.
If you’re facing a divorce and need help with property division, including selling your home, don’t hesitate to reach out. Let us fight for your financial security and peace of mind, schedule a confidential consultation today!
