The marital home is typically the most valuable asset a couple owns, both in terms of financial and sentimental value. That said, one of the first questions during divorce is: Who gets to keep the house?
The answer is not as simple as you may think. Courts consider a lot of factors when dividing property among spouses. Additionally, having minor children can make property division a bit more complicated.
To help clear things up, here is some crucial information you should know.
Common factors to determine which spouse keeps the home
When deciding who gets to stay in the marital home, Illinois courts take several factors into account. These include but are not limited to:
- Contributions to the property: The court may consider each’s spouse financial and nonfinancial contributions to acquiring and maintaining the property. If one spouse made significantly larger contributions, they might have a stronger claim.
- Financial ability: The spouse who can better afford the ongoing expenses may be in a better position. But if neither spouse can afford it alone, the court might order the couple to sell the home.
- Parental responsibilities or custody: If one parent has primary custody, they are more likely to keep the home to maintain stability for the children.
Remember, courts do not consider these factors in isolation, but rather as part of a comprehensive evaluation of you and your spouse’s situation.
This means being the custodial parent or having more contributions does not automatically translate to keeping the home.
Options for dividing the marital home
You and your spouse can divide the home through the following options:
- Selling the house: You can simply sell the house and then split the proceeds accordingly. However, you may lose some profit if you sell in a down market.
- Buying out the other spouse: Illinois is an equitable distribution state, meaning both spouses should receive a fair—but not necessarily 50/50—share of their assets. If one spouse wants to keep the home, the other can receive other marital assets in exchange, get payments over time or skip alimony.
- Co-owning the home: In this scenario, spouses can cohabit as housemates or take turns living in the home. This can be practical when neither spouse can afford to move out yet or the market is too turbulent to sell.
As you can see, there is no definite answer to who will keep your marital home. It will ultimately depend on your individual circumstances and the court’s decision.
Nevertheless, more knowledge about the process can help you prepare. Consider talking to a divorce attorney who can guide you through your options, help you understand the process and make property division far less stressful.