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August 7, 2014

To Keep Or Not to Keep the Marital Home

Division of Property, Illinois family law attorney



One of the most complicated steps of divorce is the division of marital property. If you and your spouse have been married for several years, this is all the more complex—especially if you have multiple pieces of property, cars, or share financial or operational duties in a small business. If you are considering divorce, the importance of speaking with a family law attorney at the very first stages of the process cannot be overstated. Working with a lawyer early on in the process can help to ensure that you get your fair share when property and assets are divided.

Who gets to keep the marital home is often a major source of contention regarding marital property division. Not all persons who are getting divorced should necessarily want to keep the house, according to The Huffington Post. Emotional attachments to the property aside, oftentimes a marital home can be too big for one person, with a mortgage that one person cannot afford alone. And one must ask, if there is the possibility of having to do serious maintenance on the home, is that something you are ready and willing to do? In fact, The Huffington Post reminds people going through a divorce to consider if something big on the house breaks whether or not they would be willing to invest the money it takes to fix it. “We are not in the same economic climate that we were in five years ago,” reminds The Huffington Post. “Refinancing is not as easy as it used to be.”

For some divorcees, however, keeping the house can be the best stepping stone to rebuilding a post-marriage life. Noted by WealthySingleMommy.com, it is often more financially important for women to keep the house after a divorce than men. The house tends to be a more stable asset than stocks or bonds after divorce, and whoever gets to keep the house often has more advantageous tax write-offs “like mortgage interest and property taxes,” reports WealthySingleMommy.com.

Regardless of how you want to proceed when it comes to specifics of property division in Illinois, seeking the counsel of an experienced DuPage County family law attorney is the most important first step. Contact the attorneys at the law offices of Mulyk Laho Law, LLC today.

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