Ownership of the Marital Home in a Divorce: 5 Questions to Ask Yourself

 Posted on March 21,2022 in Divorce

Whether you live in a house, flat, apartment, or condominium, a home is often much more than a physical living space. In the midst of a turbulent marital breakdown, a home can become a place of refuge and familiarity. Understandably, many people are hesitant to give up their homes in a divorce. Some blindly fight for ownership of the home without considering the short and long-term consequences of homeownership as a divorced individual. If you are getting divorced, consider the following questions when deciding what to do with the marital home.

What is the Home Worth?

Before you can determine whether to keep the home or sell it, you must understand what the home is worth. In many situations, the best way to accurately value the home is to get the home professionally appraised. Make sure to consider not only the current market value but also the future value of the home based on the neighborhood and housing market.

How Much Will Mortgage Payments, Upkeep, and Taxes Cost?

You will also need to consider the monthly costs associated with keeping the home. How much will it reasonably cost to maintain the home? Is the home older and in need of repairs or updates? What about lawn care and other incidental expenses? Do not forget to include the cost of property taxes when considering the ongoing costs associated with the home.

Will I Pay or Receive Child Support or Spousal Support?

Child support and spousal support can be significant expenses for the paying spouse and considerable sources of financial support for the recipient spouse. In Illinois, child support is based on a statutory formula, so it is sometimes easier to estimate child support payments. Spousal support or spousal maintenance payments may be negotiated by the couple or the court may award maintenance based on the couples’ financial circumstances, length of the marriage, and other factors.

What is Best for the Children?

If you are a parent, your knee-jerk reaction may be to keep the home so that the kids do not have to move. You may not want to uproot the children from their school, neighborhood, and community. However, some parents find that the stress of keeping a home that they cannot actually afford counteracts the positive effects of a familiar living space.

What Are the Emotional and Psychological Consequences of Staying in the Home?

A home is much more than a physical space in which to live. You probably have many memories associated with the house – both good and bad. Ask yourself what the potential emotional and psychological consequences of staying in the house will be on you and your children. Would it be better to have a fresh start in a new home or remain living in the home you used to share with your soon-to-be-ex?

Contact a Kane County Divorce Lawyer

Ownership of the marital home is often a major source of complication and stress in a divorce case. The St. Charles divorce attorneys at Goostree Law Group can help you evaluate the legal, financial, and practical factors associated with homeownership and decide what is best for you. Call 630-584-4800 for a free consultation.

Sources:

https://money.usnews.com/money/personal-finance/family-finance/articles/2017-10-11/divorcing-should-you-divorce-your-home-too

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm