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St. Charles Marital Home in Divorce Lawyers

Kane County Marital Home in Divorce Lawyers

St. Charles Divorce Attorneys Providing Support for Divison of Marital Home

Your marital home may be, simultaneously, the biggest asset and biggest debt in your marital estate. It is also one of the most complex assets you will have to deal with as you settle your marital property division. Of all your assets-retirement accounts, investment accounts, cars, home furnishings, etc.-your home also carries the biggest maintenance expense and will take the most time and effort to sell if that needs to happen. You probably also have a strong emotional attachment to the house if you have spent years caring for it, making happy memories in it, and raising your children under the shelter of its roof.

At Weiler & Associates, Inc., we understand how much you have wrapped up in your family home and how difficult it may be to make decisions about its disposition. We will take the time to understand all aspects of your financials-including your home's value, outstanding mortgage, and upkeep expenses-and explain your rights under Illinois law so that you can make informed decisions about your marital home.

Under Illinois Law, Is Your Home Marital Property or Not?

Illinois law 750 ILCS 5/503(a) defines non-marital property as property acquired prior to your marriage, by inheritance, or by gift, including any income derived from the property and any increase in the value of the property during your marriage. Spouses can also agree between themselves to designate the marital home as one party's separate property.

However, if you contributed significant personal effort toward improving the house that substantially increased the value of the property, you have the right to be reimbursed for those efforts as part of your divorce settlement.

Your home will generally be considered marital property under Illinois law 750 ILCS 5/503(b) if the property was purchased during the marriage, even if your name is not on the mortgage or deed, or if your spouse owed the property prior to your marriage but later added your name to the deed or mortgage.

Should You Keep the House or Sell It?

If you want to take sole ownership of your marital home in the divorce, first be sure that you can realistically afford not just the mortgage, property taxes, and insurance but also the ongoing upkeep costs which can be sizeable. You will most likely have to refinance the home in order to remove your spouse's name from the mortgage and the deed. An appraisal will be necessary to determine the value of the property and your spouse's share of the equity.

St. Charles Divorce Lawyers to Protect Your Interest in Your Marital Home

The attorneys of Weiler & Associates, Inc. are committed to protecting your legal rights and financial interests throughout the divorce process, including your fair share of equity in your marital home. Contact us at 630-331-9110. We serve clients in St. Charles, Geneva, South Elgin, Pingree Grove, the Fox Valley area and neighboring communities in Kane County.

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