Divorce in Illinois: Keeping the Family Home
Divorce is a challenging process, and one of the most emotional and financially significant decisions you’ll face is what happens to the family home. If you want to keep your home after a divorce in Illinois, understanding the legal, financial, and practical considerations is key. With the help of an experienced divorce attorney, you can protect your interests and make informed decisions about your future.
Understanding Illinois Property Division Laws
Illinois follows equitable distribution, meaning that marital property is divided fairly, but not always equally between spouses.
Is Your Home Marital or Non-Marital Property?
Marital Property: If you purchased the home during your marriage, it is considered marital property and will be subject to division.
Non-Marital Property: If you owned the home before marriage, or received it as a gift or inheritance, it may be classified as non-marital property—meaning you could retain full ownership.
Commingling Assets: If marital funds were used for mortgage payments or home improvements, a portion of the home's equity could be considered marital property. This could impact how ownership is determined during your divorce.
Negotiating a Property Settlement
If keeping your home is a priority, you may need to negotiate with your spouse to ensure a fair asset division.
Offset the Home’s Value: You may agree to take full ownership of the home while your spouse receives other marital assets of similar value, such as retirement accounts or investments.
Know Your Financial Limits: Homeownership comes with ongoing expenses—mortgage payments, property taxes, utilities, and maintenance. Reviewing your budget and financial stability is crucial before deciding to keep the home.
Legal Guidance is Key: An experienced divorce attorney can help you navigate negotiations and protect your financial future.
Co-Ownership & Co-Parenting Arrangements
In some cases, ex-spouses choose to co-own the home, especially when children are involved.
Providing Stability for Children: Keeping the family home may help minimize disruption to your child’s life, allowing them to stay in their school and neighborhood.
Birdnesting Arrangement: Some parents use a “birdnesting” strategy, where children remain in the home, and parents rotate living there during their scheduled parenting time while maintaining separate residences.
Creating a Legal Agreement: If co-ownership is the plan, a detailed agreement should outline:
Who covers mortgage, taxes, and maintenance costs
How long co-ownership will last
What happens if one party wants to sell
A lawyer can help ensure these agreements protect your rights and financial interests.
Refinancing the Mortgage
If your home has a joint mortgage, refinancing is necessary if you plan to take full ownership.
Refinancing Benefits: This removes your ex’s name from the loan and transfers full responsibility to you.
Potential Challenges: You must meet financial requirements to refinance on your own. If you don’t qualify or the home’s value has dropped, selling the home may be a better financial decision.
What’s the Best Path Forward?
Deciding whether to keep, sell, or co-own your home is a major decision during divorce. Understanding your legal rights and financial situation will help you make the best choice for your future.
Need guidance? Call Alan Lenczycki, an experienced divorce attorney who is here to help you protect your home and secure your financial future. Contact me today for a free initial consultation!
