Question By: Going through a divorce is a complex and emotionally challenging process. It becomes even more complicated when it involves the purchase or sale of a home. In the state of Illinois, specific laws govern the division of assets during divorce proceedings, including the acquisition of real estate. Understanding what Illinois law states about buying a home during a divorce is crucial for individuals navigating this difficult time.
Equitable Distribution
Illinois follows the principle of equitable distribution when dividing marital property during a divorce. This means that property acquired during the marriage is subject to division based on what the court deems fair and just, rather than a strict 50/50 split. As a result, the court will consider various factors when determining how to divide real estate assets, including the marital contribution of each spouse, the length of the marriage, and the financial circumstances of both parties.
Classification of Property
In Illinois, marital property typically includes assets acquired during the marriage, while non-marital property comprises assets owned prior to the marriage or acquired through gift or inheritance. However, when it comes to buying a home during a divorce, the timing and source of funds used for the purchase can affect how the property is classified. If the home was purchased using marital funds, it is likely to be considered marital property subject to division.
Temporary Restraining Orders
During a divorce, it is common for a court to issue temporary restraining orders that prevent either spouse from selling, transferring, or disposing of marital assets without consent or court approval. These orders may also apply to buying a new home. Temporary restraining orders aim to preserve the status quo and protect both parties' interests until a final decision is reached regarding the division of assets.
Court Approval
If one spouse wishes to purchase a home during a divorce, they may need court approval, especially if the purchase involves a significant amount of money or marital funds. The court will consider factors such as the financial ability of the purchasing spouse to maintain the new property, the impact on the other spouse, and the overall fairness of the transaction.
Marital Settlement Agreements
Spouses in a divorce have the option to negotiate a marital settlement agreement, which outlines how they will divide their assets, including real estate. If both parties agree on the purchase of a new home, they can include provisions in the agreement that specify how the property will be divided, who will be responsible for mortgage payments, and any other relevant details. This agreement must be approved by the court to become legally binding.
Divorce is a complex and emotional process that can be overwhelming for those going through it. As a highly rated Chicago Divorce Law attorney with more than 30 years of experience, Michael C. Craven work closely with clients to ensure that they are actively informed of every step in the process. Finding the solution that best serves the interests of clients’ families is their number one priority.
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