The marital residence may be the largest asset for many people who are going through a divorce. There are many issues that need to be considered in relation to selling your home:
- Who will live in it during and after the divorce? IT DEPENDS
- Who will pay the mortgage, utilities, taxes, upkeep, etc, during and after the divorce? IT DEPENDS
- Will it be sold or will one person buy the other out? SOMETHING
MUST BE DONE
- Will the person who does not keep the house have his or her name taken off the mortgage also? NOT NECESSARILY
- Will the person who wants to keep the house have to refinance the mortgage into his or her own name after the divorce? PROBABLY
- Will the person who has to refinance or sell the house have any specific time period in which this needs to be done? YES
- Will the judge order the house to be sold, or one person’s name taken off the house, during the case? NO
- After the divorce decree is finalized, does this change the way that the parties hold title to the property, if they are still both on title? YES
- Will the parties need to come to agreement on the contents of the house (personal property)? Is this property considered separate from the marital residence itself? YES and YES.
The parties can come to an agreement to sell the house during the divorce, though it is highly unlikely that the judge will order it sold until trial when there is a full determination of how the assets and debt are to be divided.
Our Attorneys Can Help You Divide Complex Assets Like Real Estate
At Buffalo Grove Law Offices, our divorce lawyers can help you with property division questions and disputes. Make sure your rights as an individual and your financial interests are protected. Reach our office in Arlington Heights, Illinois, online or by telephone at (847) 222-9429 to arrange a consultation. You can also contact us online via email.
Husband was required to buyout the wife’s 50 percent interest in the former marital residence by a certain date. Or, he had to sell the residence by the same date. The husband did neither. Husband lived in the marital residence. He had exclusive possession of the residence. The value of the residence was approximately $1.75…Read More
Before the marriage, Steven held title to a vacant lot. He and his wife, Gina, agreed to take out a mortgage to finance the building of the marital residence on the property. The property title stayed in Steven’s name alone. Steven executed a mortgage to finance the construction. At that time, Gina executed a waiver…Read More
Kim and Paul got divorced in July, 2003. In their divorce settlement, they agreed that they would keep title in both of their names. Paul would live in the house. Paul would be responsible for all costs of the house before its sale. Paul will either place the Oak Park home for sale on or…Read More