Reasons to Sell or Keep Your House During a Divorce

 Posted on April 18, 2017 in Property Division

House ownership can be difficult to negotiate during a divorce because it is one of the most valuable properties in a marriage. In Illinois, marital property is equitably divided during a divorce, which means it is split fairly but not always evenly. In many cases, one spouse keeps the house, while the other spouse receives compensation through money or other assets. Spouses can also choose to sell the house and divide the proceeds. There are advantages and disadvantages to selling a marital house.

Reasons to Sell the House

• When you sell the house, you have an actual monetary value for it instead of an estimated value. Knowing the actual value can help in negotiating an equitable division.
• If you cannot agree on ownership of the house, selling it may be the only way you can reach an agreement. When negotiations are at an impasse, the court will decide how to divide the value of the house and may order you to sell it anyway.
• While you shared the expenses when married, owning the house individually shifts the mortgage, utility, maintenance and property tax costs to you. Your ability to afford the house may depend on the spousal support payments you receive.
• If you want to keep the house, you may need to give up several other marital assets. Selling the house allows you to share its value, instead of having to compensate your spouse with other assets.
• Depending on the volatility of your marriage, you may want to leave the house because of negative memories you have of it.

Reasons to Keep the House

• If your children are living with you as part of the allocation of parental responsibilities, keeping them in the same house and school district will provide the most stable environment.
• Selling your house can be a lengthy and complicated process. Depending on the housing market, you may struggle to get fair value for it.
• Purchasing a new home can be costly. It may be more affordable for you to stay in your current home, with spousal support payments helping cover some of the expenses.
• You may have an emotional attachment to the house because of the memories you associate with it. While this is not a practical reason to keep the house, it is still an important reason to you.

Valuing Your House

When getting divorced, you should have an accurate count and valuation of your marital assets. A Kane County property division attorney at Goostree Law Group can appraise your house and other assets and negotiate their division. Call 630-584-4800 for a free consultation.

Source:

http://www.divorcesource.com/ds/illinois/illinois-property-division-4731.shtml