Some people in Illinois who are going through a divorce may be sentimentally attached to their home and want to keep it after the separation. Others might want to retain the marital home because they think it will be better for their children to remain in a more stable environment. The first step is to find out the value of the home and how much equity each spouse has in it. It may also be important to consider what other fees and taxes each spouse may be responsible for paying.
Next, the couple should decide how one person will buy out the other. Divorced couples often do this by arranging for the spouse who is not keeping the home to get a bigger share of the assets. This could be jewelry, a savings account or any other piece of property that makes up the difference. Another option is taking out a loan. This could be done through a refinance or home equity line of credit. Some people turn to family and friends for help.
However, it might be better to simply let the home go if it is unaffordable. While keeping the home may be technically possible, it might not be the wisest financial decision.
If neither spouse keeps the home, the couple will still have some additional decisions to make regarding property division. For example, depending on what the housing market is like, they may not be able to sell it immediately. Repairs or renovations could be necessary. In the divorce agreement, they may need to address who will be responsible for paying for these repairs. The couple might also need to address how they are going to split the proceeds from selling the house. Legal counsel could help with this process.
