Which Party in a Divorce Gets the House?

The couples going through a divorce must decide on a number of legal concerns, including who will inherit the marital home. If either side receives the marital house as part of the divorce, it will primarily rely on the circumstances. Marital dwellings are typically regarded as marital property and as such, are susceptible to division following divorce. The marital residence is frequently sold, and the couple fairly splits the income. However, there are a few things to take into account when one party in a divorce wishes to maintain the house. A Chicago divorce lawyer may offer guidance on the specifics of your case and work to ensure you get a fair share.

Options for Splitting the Home in a Divorce

The two most common options for dealing with the house in a divorce are for the court to allocate the house to one person and have them buy out the other’s equity interest as part of the overall equalization of assets and debts, or order that the house be sold, and the proceeds divided.

•  Sell the House and Divide Proceeds

In some cases, neither party wants to keep the marital home and the parties agree that it should be sold and the process divided. This is the simplest way to resolve the issue of who keeps the house because the court does not have to determine the present value or decide which person should keep the house after the divorce is final. In cases where the house will be sold, there may be reasons to list the house and finalize the sale while the case is pending. In this instance, the parties will generally agree to place the proceeds from the sale in a separate account to be divided as part of the overall division of assets when the divorce is finalized.

•  One Person Keeps House and Other “Buys them Out in Cash”

If the home is not going to be sold, the court will need to determine the present value so that it may then determine how much equity each person has in the home. To determine the present value, parties may decide to obtain an appraisal for divorce purposes (which differs from an appraisal for purposes of refinancing or property taxes), or each person may testify as to their opinion of the present value.

Visit https://www.divorcelawyerschicago.org/who-gets-the-house-in-a-divorce/ today for consultation.