On behalf of Stange Law Firm, PC posted in Property Division on Tuesday, October 4, 2016.
It isn’t uncommon for Illinois couples who are getting a divorce to wonder who will get the marital home. In many cases, the couple can decide on its own who will keep it or whether it will be sold and the proceeds divided. However, if a couple is unable to come to an agreement on its own, a judge may need to make a ruling.
Even if an individual wants to keep the marital home and is granted the rights to it, it may not be in his or her best interest. Financial advisers say that an asset such as a 401(k) may be more valuable in the long run. This is because a retirement account will grow in value while the house will cost money to maintain. If a couple has children, they may agree that one person lives in the home while the other lives in a guesthouse or in the basement.
Keeping the house in such a scenario may be in the best interest of that child during and after the divorce. It should be noted that if a judge makes a ruling regarding a marital home, he or she could force a couple to sell the house and split the proceeds in a manner determined by that judge.
In a divorce, there are many ways in which marital property may be divided. If an individual is unable to come to an agreement with his or her former spouse, a judge may make a ruling based on state law or other factors such as the best interest of a child. An attorney may be able to establish that an individual should be entitled to certain property based on need or an emotional desire to gain the rights to it.