Should I Try to Keep Our House in My Divorce Case?
If you are thinking about filing for divorce in Oakbrook Terrace, or if you know that your spouse has plans to file for divorce, you are probably already thinking about the complications of property division. While the distribution of marital property will vary in complexity from case to case depending upon the amount and type of assets and debts involved, the Illinois Marriage and Dissolution of Marriage Act (IMDMA) requires that Illinois courts divide all marital property according to the theory of equitable distribution.
Although the court will determine who marital property is divided until the parties can negotiate a property division agreement or property settlement, it may still be possible for one of the parties to make clear that she or he wants to retain particular property for which she or he is willing to give up other property. In a lot of cases, one of the parties wants to keep the marital home.
Why Would One of the Parties Want to Stay in the Marital Home After a Divorce?
There are a variety of reasons that someone may want to stay in the home after the divorce, from a sentimental attachment to the property to issues like raising your child and wanting to keep kids in the same school district.
For example, in a long-term marriage, the parties may have invested substantial time and energy into renovating the property exactly to their liking. The house may have particular features that were designed specifically for them, and one of the parties might want to keep that comfort and familiarity. Similarly, for instance, maybe one of the spouses has spent years landscaping the area around the home and maintaining a garden, and it is important to continue that hobby after the divorce.
When there are minor children from the marriage, one of the parties often wants to keep the house for the children’s sake. Most likely, the children have a bedroom in the house that is familiar to them, and they attend school nearby. Having one parent stay in the marital home after a divorce can provide children with comfort, familiarity, and some psychological well-being in the midst of adjusting to post-divorce life and shared parenting time.
Considerations for Keeping the House in an Oakbrook Terrace Divorce
While it might seem like a great idea to stay in your house and to negotiate a property settlement or agreement in which you keep the home, there are certain things you should consider a few things. When the court divides marital property, or if it is trying to determine whether a property agreement is unconscionable given the economic circumstances of the parties. it does not usually take into account the post-divorce costs associated with upkeep of real property, yearly taxes on the real property, or even HOA fees.
And those costs can add up. If you own a home, you will be responsible for making any major repairs to the property. The upkeep of an older home can be particularly costly. You should also take into account the costs associated with property taxes and any other fees associated with homeownership.
Even if it makes sense to you in terms of psychological and emotional well-being to keep the house in your divorce case, it may not make sense economically. You should consider all factors when deciding what is likely to be best for you financially in the long run.
Seek Advice from a DuPage County Divorce Attorney
Advocating for your rights to certain marital property or negotiating with your spouse about a property agreement can be complicated. For some parties, it can be difficult to put economic well-being first, but an experienced DuPage County family law attorney can help with your case. We are dedicated to serving as advocates for the DuPage County Muslim community, and we can talk with you today about your divorce. Contact Farooqi & Husain Law Office online or call us at 630-909-9114 to learn more about how we can help with your case.