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Schaumburg Division of Real Estate Attorney

Schaumburg Real Estate Division Lawyer

Dividing The Marital Home in Divorce Lawyer Serving Hoffman Estates and Palatine, Illinois

One of the major aspects of the division of property in a divorce is real estate. Equity in a marital home is one of the biggest assets the spouses will need to divide. When dividing real estate, the parties will need to choose one of three options:

  • The parties sell the house and divide the proceeds
  • One spouse may "buy out" the other spouse's portion of the house
  • One party (usually the parent with primary child custody) may continue living in the house for a certain period of time, after which time that party buys out the other party's portion of the house or the house is sold, and the parties divide the proceeds.

Dividing the Value of Real Estate

The equity of a house is determined by establishing its market value and subtracting any debts associated with the property, such as taxes or loans. This calculation often requires an appraisal from a real estate agent or home appraiser.

Once the value of the home is determined, the parties will need to agree how that value will be divided. If they cannot agree, the judge presiding over their case will make a determination. As with any other aspect of the division of marital property, if the decision of how to divide real estate is left to the family court judge, he or she will try to divide the property equitably. This may mean that they award the house to one party while granting the other party ownership of other marital property in return.

Factors Affecting Division of Real Estate

If property was purchased by one party prior to the marriage, it may be considered non-marital property, allowing that party to retain exclusive ownership. However, if the parties lived in the house during the marriage or received an income from the property, it might be considered marital property that is subject to equitable division.

When determining how to equitably divide the value of real estate, the court may consider how much each party contributed to the down payment and loan payments for the property. If the parties are able to determine what percentage each of them contributed toward the house, the value of the house can be divided accordingly.

Real estate is often the most valuable asset to be divided between a divorcing couple, and determining how to do so can become an especially contentious issue. In order to avoid the traps, pitfalls, and ambiguities that can occur when divorcing spouses disagree about how to divide real estate, you will need to be sure to have an airtight agreement drafted by an experienced attorney.

At Anderson and Associates, P.C., we help clients in Schaumburg negotiate fair and reasonable real estate property settlement agreements that protect the financial stability of the client. We have provided effective legal counsel in divorce cases for more than 30 years. To learn more about how we can help you with the division of marital assets, contact an experienced Schaumburg divorce lawyer or call 847-995-9999 to schedule an initial consultation. We serve clients throughout Chicago's northwest suburbs.

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