Many people in Illinois who get divorced must decide if they want to keep the marital home. One of the first things to consider is whether or not the home has much equity. If a home was recently purchased, there may be little or no equity. Usually, the spouse who keeps the home buys the other one out by paying them a one-half equity share.
People who divorce in Illinois may wonder about the financial effects of the end of their marriage, especially women. One study found that women who divorce see their income go down by over 20 percent, even while divorced men's income tends to rise by around 33 percent. However, another study from the Center for Retirement Research indicates that some divorced women may fare better than never-married single women if they are homeowners after the split.
Illinois couples who decide to get a divorce later in life may find that their priorities are different than couples who are going through a divorce at a younger age. In many cases, the children have already grown up, meaning that former couples will not have to make decisions about child custody and child support. On the other hand, they'll have to determine how retirement plans and other assets will be dealt with.
If you’ve decided to get divorced, you may be wondering what will happen to your property. Today we answer some fundamental questions surrounding property ownership and division in Illinois: