Property division is one of the key issues that spouses will need to address during the divorce process. All of a couple’s marital property, which includes any assets or debts they acquired during their marriage, will need to be divided. While Illinois law does not require property to be divided equally between spouses, each spouse should receive a fair and equitable share of the marital estate. As spouses determine how to divide property in a way that will provide for their ongoing needs, ownership of their family home will be one of the most important matters to address. By understanding their options, spouses can make decisions that will allow them to move forward with their lives while maintaining financial stability.
Options for Ownership of a Family Home
Real estate property is likely to be one of the most valuable assets owned by a couple. Both spouses may have emotional connections to their home that may make it difficult to decide how to handle ownership going forward. It can often be beneficial to receive an appraisal of the home to ensure that the spouses fully understand its value. After gaining a complete understanding of the full value of the marital estate, spouses can make decisions about how ownership of the home and other assets will be handled.
When addressing homeownership during the divorce process, spouses can generally choose from one of the following options:
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