Orland Park divorce attorney lawyer for real estate ownershipWhen you decide to get a divorce, there are a slew of things that must be decided. You will have to figure out where you will be living and how you will be able to afford to live on your salary alone. If you have kids, you will need to figure out how you will split parenting time with your spouse and where your children will live. One of the biggest decisions you will have to make is how you will divide your marital property. In Illinois, marital property is considered to be anything that was acquired by either you or your spouse after you were married. If your home falls into that category, you also have to figure out how you will handle ownership of your marital home.

Divorce and Real Estate

One of the first things you should do when you are getting a divorce and trying to decide what you are going to do with your home is to get it appraised. This will help you know the value of your home, and it will also help you decide what you want to do with it. There are basically three options when it comes to dealing with your marital home during a divorce: 

Consult With a New Lenox, IL Property Division Attorney Today

It can be difficult to part with your marital home, especially if you have raised your children there. On the other hand, it may not be financially feasible for one spouse to own the home. These are the things you must consider when you are making decisions about ownership of marital real estate. At Wakenight & Associates, P.C., we understand how difficult it can be to make such a big financial decision, especially when combined with the many other decisions that must be made during your divorce. Our knowledgeable Will County property division lawyers can help you understand the repercussions of these financial decisions, and we will advocate for your best interests throughout the divorce process. Call our office today at 815-727-6144 to schedule a free consultation.

Sources:

https://www.bankrate.com/finance/mortgages/breaking-mortgage-divorce-1.aspx

https://www.nerdwallet.com/blog/finance/deciding-family-home-divorce/

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