How is the value of the marital home determined in a divorce?

Determining the value of the marital home in a divorce often involves obtaining a professional appraisal to assess its current market value. Couples may have differing views on the home’s value due to sentimental attachment or disagreements over how home improvements have affected the value. A professional appraisal is necessary to resolve these differences and help the couple decide whether to sell the home or facilitate a buyout.

How is the marital home divided in a divorce?

The marital home can be divided in a divorce either through a buyout, where one spouse pays the other for their share of the home’s equity, or by selling the home and splitting the proceeds. While it's technically possible to continue owning the home together after divorce, this is generally not advised due to the financial liabilities involved.

What happens when the family home is sold during a divorce?

When the family home is sold during a divorce, the property is typically listed by agreement of both parties, and one spouse may continue to reside in the home while it’s being sold. The party staying in the home is responsible for maintaining it in good condition until the sale. Both parties are expected to cooperate, but if they cannot, a judge may intervene to set rules for the sale.

What are the pros and cons of selling the family home in a divorce?

Pros of selling the family home in a divorce include eliminating financial obligations for the house and providing both parties with cash from the sale. However, the cons include paying realtor fees, closing costs, and repairs, which reduce profits, and the emotional strain of moving, especially if children are involved.

What is a buyout of the family home in a divorce?

A buyout in a divorce occurs when one spouse buys the other spouse’s share of the marital home’s equity. This can be done through a cash payment, retirement account division, or mortgage refinancing. A buyout allows the spouse keeping the home to avoid paying realtor fees and closing costs, and ensures they receive all future equity in the home.

What are the pros and cons of a buyout of the family home?

Pros of a buyout include avoiding closing costs, realtor fees, and repairs, as well as maintaining stability for children by staying in the family home. The cons can include the financial burden of buying out the other spouse’s share and potentially higher costs if refinancing is required at a higher interest rate.

Anderson Boback & Marshall

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Year: 2024

Dividing the Family Home in an Illinois Divorce: Key Considerations for High-Net-Worth Couples

Dividing Assets in Same-Sex Divorces: What You Need to Know

Handling High-Conflict Divorces: Tips for Preserving Your Sanity and Rights

How to Safeguard Your Privacy During Divorce: A Practical Guide

What Can I Do If I Don’t Like My Attorney?

Don’t Delay: Act Now (or Promptly) to Modify Child Support in Illinois

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