When a divorce occurs, a couple might decide to sell a house and split any profits. However, there are also reasons a person in Illinois may wish to keep a home. One could feel attached to the property, or one could wish to live in the home with children.
Before seeking sole ownership, a couple might discuss deferring the sale of a property. This could allow any kids to keep living in the house and prevent disruptions in their lives. This may be an option if the party with primary custody does not have the means to buy the home outright.
A couple may first wish to see if one spouse can become the sole owner of a house. This involves determining the fair value of a home and a couple’s equity in the house. In an even split, one would find the equity by dividing by two after deducting the amount owed from the agreed-upon value of a home.
To own the home, one partner needs to pay the amount of the other person’s equity. This is often accomplished by offering one’s share of other assets or valuable items. However, it may be better to get a loan in cases where one would have little other assets after giving up other marital property.
One may need the assistance of an attorney when going through a divorce in order to negotiate for the value of a home. This could also be necessary when a person believes he or she is entitled to a larger portion of a home’s worth. For example, one person may have made improvements to the home and added to the house’s value. Additionally, one spouse could have owned the house first and put more money into the home.