Can I keep the marital home after divorce in Illinois?

Yes, you can keep the marital home if the court’s equitable distribution ruling allows it, or if you can buy out your spouse’s share of the equity. The court will consider factors like your financial ability to afford the home and whether keeping it aligns with the best interests of both parties, especially if children are involved.

How does Illinois define marital property?

Illinois defines marital property as assets acquired by either spouse during the marriage, regardless of whose name is on the title. Exceptions include property acquired before the marriage, gifts, or inheritances, as long as these were not commingled with marital funds. Courts presume property is marital unless proven otherwise.

How do I receive money from the sale of the marital home?

You receive money from the sale of the marital home when the proceeds are divided according to the court’s equitable distribution ruling. The court calculates equity by subtracting any outstanding mortgage or liens from the sale price, then allocates the proceeds based on each spouse’s contributions and financial situation.

What if my spouse wants to keep the home?

If your spouse wants to keep the home, they must buy out your share of the equity. This involves determining the home’s fair market value, subtracting any outstanding mortgage, and paying you your portion of the remaining equity. In some cases, the buyout may be offset by other marital assets during property division.

Can I get money if I didn’t contribute to the mortgage?

Yes, you can still receive money from the marital home even if you didn’t contribute to the mortgage. Illinois courts consider non-financial contributions, such as caregiving or household management, which allowed the other spouse to focus on earning income. The court also evaluates factors like income disparities and the overall needs of each spouse.

Is the Value of the Home Always Split 50/50?

No, the value of the home is not always split 50/50 in Illinois. Courts divide property equitably, which means fairly rather than equally. Factors like financial contributions, caregiving responsibilities, income disparities, and each spouse’s future financial needs can result in an unequal division of the home’s value.

Can I Receive Money from the Marital Home if My Name Isn’t on the Title?

Yes, you can receive money from the marital home even if your name isn’t on the title. Illinois courts focus on whether the home qualifies as marital property, which depends on when it was acquired and whether marital funds were used. Financial contributions, including indirect contributions like caregiving, are also considered when dividing equity.

What Happens if We Can’t Agree on How to Divide the Home?

If you and your spouse cannot agree on how to divide the marital home, the court will decide based on Illinois’ equitable distribution laws. This may involve selling the home and dividing the proceeds, ordering one spouse to buy out the other’s share, or awarding the home to one spouse and compensating the other with other marital assets. Courts prioritize fairness and consider factors like financial contributions and each spouse’s future needs.

How Courts Calculate the Value of the Marital Home?

Typically, the court calculates the home’s value by comparing its fair market value to the outstanding mortgage(s). A professional appraiser evaluates the home to determine its fair market value. Typically, the courts determine the value of the marital home by subtracting the total outstanding mortgage(s) from the home’s fair market value. This process often involves: Fair Market Value Assessment: A licensed appraiser conducts an evaluation to determine the home’s market value based on current conditions and comparable sales. Equity Calculation: The court calculates equity by subtracting any outstanding loans or liens on the property from the fair market value. This valuation plays a key role in determining how the home will be divided between the spouses.

Anderson Boback & Marshall

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Month: January 2025

Am I Entitled to Money From the Marital Home in an Illinois Divorce?

How Inflation Could Impact My Chicago Divorce

Monika Barrett and Genevieve Binnie Recognized as 2025 Super Lawyers Rising Star

How Dating After Divorce May Impact Spousal Support Payments in Chicago IL

What Is Dissipation of Marital Assets or the Marital Estate?

Filing an Order of Protection Against Your Spouse During an Illinois Divorce: All You Need to Know!

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