Some divorcing couples in Illinois may need to divide a home. It is important to do this in a way that minimizes financial harm to both people. For example, some people may be committed to keeping the home, but realistically, they may be unable to keep up with the associated expenses. The couple can sell the home right away and split the proceeds, or one spouse can buy out the other.
In an amicable divorce, another solution is for one spouse to sign the house over to the other without an exchange of money. Whatever the circumstances are around one person taking the home, the other spouse should be removed from the deed as well as the mortgage. Couples sometimes neglect the former step to avoid too much paperwork, but this can cause problems later if the split is no longer amicable and the couple are still linked financially.
Another option for amicable couples who are also parents is called “nesting.” Nesting couples keep the home and have the children continue living there. They have homes elsewhere but rotate in and out of the home. This can work as a short-term arrangement to help children adjust but can become a financial and emotional strain over the long term. Parents may agree to do this for a limited time and then sell the home.
One of the biggest challenges about divorce, negotiating is about trying to make responsible decisions without being overcome by emotions. People are often attached to the home and struggle with the idea of their children living with the other parent part of the time, but it is important to make an agreement that will give both spouses financial stability and is also good for the children. An attorney might be able to help people negotiate a solution for property division and child custody that works for everyone.